Vignarajah complains over Coco Lanka rights
View(s):K.C. Vignarajah, campaigner for the rights of independent investors, has raised some issues relating to Coco Lanka, new offer of rights issues.
In a letter to the directors of the company just before its EGM on Friday to seek shareholder approval, Mr Vignarajah said that the Controlling Interests (CI), advisers managers to the issue and all related Parties (RP), the Board of Directors (including‘Independent directors’) all appointed by the CI, have not “cared to avoid serious loss and adverse effects to Independent Minority shareholders (IMS)”.
He said the sudden call for additional capital of more than 100 per cent of realisable market value of their present holding, at prices and terms was unfair and also detrimental.
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