[An open letter to Arrium Stakeholders]

Dear Mushroom,

[An open letter to Arrium Stakeholders]

You may be an existing employee, a trade unionist, a contractor, a supplier, a local Whyalla resident, elected government official or even a lending institution executive.

Are you an informed stakeholder comfortable with the quality of current information provided by your appointed administrator KordaMentha as the “health” of the Arrium group continues to improve?

Is your administrator acting more like a liquidator than an appointed administrator, pushing to “sell the farm” as the only option?

Given that the second creditors meeting has been postponed to February next year, given that Arrium’s next AGM has been postponed indefinitely, are you an informed stakeholder being presented with viable Deed of Company Arrangement (DOCA) options?

Or will information arrive after the “farm” is sold and it’s too late for any informed choices?

Are you an employee and trade unionist voting on a 10 percent cut to be more attractive to a new foreign owner of Arrium Australia, with your future terms & conditions of employment decimated?

Are you a middle manager focused on your redundancy pay, when the new owner arrives?

Are you a local supplier that would benefit by Arrium continuing to trade rather than accept say 80 cents in the dollar?

Are you a mum and dad shareholder (many current employees) willing to have your shareholdings wiped out, when there are other options available? Also costing government millions in tax losses.

Are you a lender willing to renegotiate loan terms with a revamped Arrium Board, or accept that many of your mortgage holders and borrowers will default on their loans if new owners close Whyalla and it becomes a ghost town?

Will government elected officials allow the above to happen when viable options are available?

Do something before it’s too late, complain and agitate.

I don’t want to be treated as a mushroom anymore, do you?

RSD ordinary bloke

Arrium Shareholders United