Dear Robin Fryer,

Dear Adam Wilson,

Subject: Request for Extraordinary General Meeting (EGM)

 

We hope this letter finds you well. We are writing to you as a group of concerned shareholder of Bens Creek Group (BEN) regarding recent developments that have significantly impacted the company and its subsidiaries. In light of these developments, we believe it is imperative for the board to convene an Extraordinary General Meeting (EGM) without delay.

 

The recent filing of Chapter 11 by subsidiaries of BEN has raised serious concerns among shareholders, about the future direction and stability of the company. As a responsible and committed group of shareholders, we strongly believe that transparency and open communication are essential during such critical times.

 

Therefore, we respectfully request that the board of directors promptly organize an EGM to address the following key areas:

 

1- Financial Situation: Shareholders require a comprehensive update on the current financial position of the company, including the impact of the Chapter 11 filings on the overall financial health and future prospects of BEN.

2-Strategic Plan: It is crucial for the board to outline a clear and robust strategic plan to navigate through the challenges posed by the Chapter 11 filings. Shareholders need assurance that the company has a viable roadmap to ensure long-term sustainability and growth.

3- Governance and Risk Management: Shareholders seek insights into the governance framework and risk management practices being implemented to safeguard the interests of stakeholders amidst the ongoing developments.

4- Communication Strategy: A transparent and proactive communication strategy is essential to maintain trust and confidence among shareholders, creditors, and other stakeholders. The board should provide details on how it intends to keep all parties informed and engaged moving forward.

 

Specifically, we challenge the board to address the following points:

A- Chapter 11 vs. Chapter 7 Filing: Shareholders deserve clarity on why Chapter 11 bankruptcy protection was deemed more beneficial than Chapter 7 liquidation. An in-depth analysis of the advantages and drawbacks of each option, particularly in relation to preserving shareholder value and long-term sustainability, must be provided.

B- Shareholder Interests: It is imperative for the board to demonstrate how the Chapter 11 filing directly serves the interests of shareholders. This includes elucidating the strategic goals, financial projections, and risk mitigation measures associated with the Chapter 11 reorganization plan, all of which should be aimed at maximizing shareholder returns and safeguarding their investments.

C- With regard to the contest of Bens Creek Carbon: The lack of transparency and information surrounding this matter has raised serious concerns among shareholders, myself included. Therefore, we urge the board to provide comprehensive details regarding the contest, including the nature of the contest, its potential impact on the company, and the steps being taken to address any legal or financial ramifications.

 

We believe that convening an EGM at the earliest opportunity will allow for a constructive dialogue between the board and shareholders, enabling us to collectively address concerns, seek clarifications, and work towards securing the best possible outcomes for BEN.

 

Please consider this letter as a formal request for the EGM, and we look forward to receiving confirmation of the meeting date and agenda in due course. Your prompt attention to this matter is greatly appreciated.

 

Thank you for your attention and cooperation.

 

Yours sincerely,

Bens Creek Group Shareholders 

benscreekshareholders@gmail.com