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Yours faithfully, Ian West ---------------- [email message composed by Ian West and Dan Miller and sent to Michael Sinclair at Yoomedia September 5th 2007] Dear Mr Sinclair I am writing to you as a Yoomedia shareholder I purchased £10,000 worth of YOO shares at 50p towards the end of 2004.After an initial spike shortly after I bought, the Yoomedia share price has declined in pretty much a straight line until it has reached its current sorry state sub-1p.Following the latest EGM announcement, and the news that the Avenues dating division has been placed into administration (profitable when bought, 3 years later put into administration! My original stake is now worth £200 you have destroyed 98% of the value of my investment - more, taking the spread into account.This is one turkey at least that has had enough of voting for Christmas.
I notice, incidentally, that in the EGM announcement there was no commitment by management to buy any of the hundreds of millions of new shares you plan to issue.However shareholder concerns are that this is not 'fair and reasonable' since the offer we are getting is going to be a 1000 to 1 share dilution which has driven the market share price down to 0.1p leaving many investors virtually wiped out.How can this be allowed, Yoomedia were consistently promising growth and all the time it slipped further into debt.* You have just called the third EGM since September 2006, to be held on 19th of this month.You still have authority remaining from the last EGM to issue another 112.5m shares (authority to issue 200m shares less the 87.5m you have actually issued) and yet already you want authority to raise _another_ £5m without even deigning to tell shareholders what you want to do with the money.
I long ago ceased to have any confidence in your judgement or abilities but held on in the hope that I was wrong and a turnaround would materialise.