CityView reviews special meeting request

Perth-based oil and gas company CityView Corporation says it is reviewing a request for an extraordinary shareholders meeting.


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The meeting was actually called by in excess of 11% of shares held collectively in CVI without going to great lengths to contact all holders. (Not one large shareholder - but one large group of shareholders!) Shareholders as a group are naturally very troubled with the lack of action from the company, and lack of progress after they have amassed over $42million in placements in the last 12 months, but haven't retained enough to keep the doors open, without a 100% dilution via entitlements issue currently underway. They have not been transparent in their accountability of what has happened to the $42million...and there is plenty more. This will be a fine example of the power of the internet, as shareholders unite in a large group to stand up and fight to regain the right direction for OUR company. It is possible that a class action could follow, as shareholder losses in this company have been enormous this year from what we consider to be mismanagement of funds and projects. Shareholders are the owners of the company, and the Board are supposed to be working for US. It seems that currently they are not. For more information, feel free to contact me via the CVI Shareholders Action Group at

"without Prejudice" Shareholders are taking action because they are fed up with being taken for granted, and feel used. We, after all, are the owners of this company, and it is high time we as a group, most having committed very substantial amounts of money to this company to further it's enterprises, in good faith, are treated with the respect and consideration we deserve. We stood by the company, and believed the validity of their announcements, details of which we now demand need verifying. We are demanding transparency, and that the company be run not as it is at present, that is, in more and more unsatisfactorily opaque and obtuse manner; we are demanding that shareholders' best interests are always foemost in the minds of Management and Board; we certainly do not believe this to be the case any longer, and now doubt whether it ever has been the case previously..

Geelomg Victoria
As a shareholder I can confirm that it is many shareholders requesting this EGM. The company will obviously blame the current economic crisis but this mismanagement of money has been going on for 12 months or more. If you look back each placement of the $42 mill mentioned it has resulted in vol spikes just before or just after placements, along with sell offs, In fact some placements were done at double the market price at the time, and sold off at an apparent loss straight after. Many placements were done by, or companies connected to by directors/shareholders of a UK investment firm. Shareholders have not had adequate answers so decided to unite. Mind you plenty of e-mails that could be considered very misleading. Would it seem right if a director was on the board of one company that was buying shares in another where he was also a director.

Nearly US$34 Million has been spent by CVI management on buying shares in an obscure Belize registered private company "Fortitude Minerals Limited" for which information is barely available. Who are they? Shares in Fortitude were initially valued at US$1.39 each. How were they valued and by whom? CVI shareholders have not been told. Why has their value remained constant while shares values in other resources companies have depreciated. What assets does Fortitude hold, how do we know they have legal title?

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