Remember too SIT is going to have to pay massive fines for the...

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Tobytwo100

24 Posts.

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09/04/22

13:56

Post #: 60758219
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Originally posted by Red Baron: ↑

Tend to agree with all the above comments.

Looks to me like the major shareholders have gone to the company and said they'll block the sale of 51% to Alcantara (as per original deal), and have dealt themselves into this shonky deal. So now the major shareholders get 62.5% of Clark paying only cents in the dollar of it's true worth at the expense of smaller shareholders.

Punta (owned by Alcantara) then gets 32.5% to repay a $6m loan - again getting Clark for cents in the dollar based on it's true worth.

Shareholders are left with 5% of Clark.

Remember too SIT is going to have to pay massive fines for the court cases they will inevitably lose. The appeal is just kicking the can further down the road.

These fines will no doubt bankrupt SIT, the major shareholders & Alcantara get Clark for a song while smaller shareholders are screwed.

I bought SIT for Clark & I'm sure many others did too, probably many of them EGP fund holders who have now been shafted by EGP.
Glad I took my losses a while ago.

The only saving grace is there will be an independent experts report - wonder how independent that will be?
Surely the fair thing to do would be to put SIT into receivership & try to get the best price for Clark for all shareholders.

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Remember too SIT is going to have to pay massive fines for the court cases they will inevitably lose. The appeal is just kicking the can further down the road. Date of judgment:9 February 2022 https://www.judgments.fedcourt.gov.au/judgments/Judgments/fca/single/2021/2021fca0737

SIT Price at posting: 0.5¢ Sentiment: None Disclosure: Not Held
1 Upvote

0 Great analysis

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