To
The Bank of New York Mellon
Depositary Receipts Division
101 Barclay Street, 22nd Floor
New York, New York 10286
Bougainville Copper American Deposit Receipts (US1013952007)
Dear Mrs. Erlandsen,
please be so kind to forward this mail if you should not be concerned.
The European Shareholders of Bougainville Copper (ESBC) represent the biggest group of private investors in Bougainville Copper Limited (BCL).
Our members are holding original shares (PG0008526520) and American Deposit Receipts (US1013952007) as well. As announced by the Bank of New York Mellon and other ADR emitending banks, they intend to stop their unsponsored ADR program in Bougainville Copper on July 27 th , 2009.
This information brought even more uncertainty into an already weakened market.
For example JPM informed falsely as follows…
(JPM citation: “Yes, Bougainville Copper is terminating their unsponsored ADR program. We do not have information on whether they are going to offer a different program in the future.”)
…that the program had been stopped by intervention of Bougainville Copper Limited. Such a statements are not only misleading but also absolutely illegal as you find out by reading the following official statement of BCL given to the ESBC yesterday:
“Bougainville Copper (“BOC”) is not party to or part of the ADR scheme mentioned in your email. Unsponsored ADR programs are sometimes established by banks, at their own volition, without the approval or knowledge of the company involved. BOC has never approved or sponsored such a scheme, or been the financial beneficiary of any such scheme.”
Therefore the ESBC claim that all costs of the exchange of ADRs (US1013952007) to original BCL shares (PG0008526520) have to be covered by the emitent banks, because of the fact that the transaction has to be considered as a compulsorily exchange activity.
The ESBC members preserve the right as well to ask for compensation for fiscal disadvantages due to the transaction.
The ESBC expect your clarifying answer including your assurance to bear all cost for our members that are related to the transactions until
Tuesday, July 7 th , 2009 20 hrs GMT
Further we expect that you will publish the reviewed conditions of exchange as soon as possible in the concerned finance media.
If your answer is not satisfying to our members interest, the board of the ESBC has to advise our members to bring the case to a legal solution.
Faithfully,
Axel G. Sturm
President ESBC
Escaldes-Engordany, July 3rd, 2009
To
JPMorgan Chase Bank, N.A.
161 North Concord Exchange
South St. Paul, MN 55075
Bougainville Copper American Deposit Receipts (US1013952007)
Ladies and Gentlemen,
The European Shareholders of Bougainville Copper (ESBC) represent the biggest group of private investors in Bougainville Copper Limited (BCL).
Our members are holding original shares (PG0008526520) and American Deposit Receipts (US1013952007) as well. As announced by JPM and other ADR emitending banks, they intend to stop their unsponsored ADR program on July 27 th , 2009.
This information brought more uncertainty into an already weakened market.
Further JPM informed falsely as follows…
(JPM citation: “Yes, Bougainville Copper is terminating their unsponsored ADR program. We do not have information on whether they are going to offer a different program in the future.”)
…that the program had been stopped by intervention of Bougainville Copper Limited. Such a statement is not only misleading but also absolutely illegal as you find out by reading the following official statement of BCL given to the ESBC yesterday:
“Bougainville Copper (“BOC”) is not party to or part of the ADR scheme mentioned in your email. Unsponsored ADR programs are sometimes established by banks, at their own volition, without the approval or knowledge of the company involved. BOC has never approved or sponsored such a scheme, or been the financial beneficiary of any such scheme.”
Therefore the ESBC claim that all costs of the exchange of ADRs (US1013952007) to original BCL shares (PG0008526520) have to be covered by the emitent banks, because of the fact that the transaction has to be considered as a compulsorily exchange activity.
The ESBC members preserve the right as well to ask for compensation for fiscal disadvantages due to the transaction.
The ESBC expect your clarifying answer including your assurance to bear all cost for our members that are related to the transactions until
Tuesday, July 7 th , 2009 20 hrs GMT
Further we expect that you will publish the reviewed conditions of exchange as soon as possible in the concerned finance media.
If your answer is not satisfying to our members interest, the board of the ESBC has to advise our members to bring the case to a legal solution.
Faithfully
Axel G. Sturm
President ESBC
Escaldes-Engordany, July 2 nd , 2009
