Another interesting thread- having only been a holder for a short time currently ( have held in past ) I have always thought the Showman played with a straight bat.
The notice of AGM has the directors advising shareholders to vote yes which has subsequently been reinforced and expanded in Tonys posts on these threads.
Now some top twenty holders are thinking of voting no with the possible inference that PLV may not be particularly miffed it the vote doesn't get up.
Personally I would find that surprising but nothing really surprises me with stock-market anymore.
I think voting no while it may seem to be a short term win and justifiable payback to the new Timeone incarnation - I expect it may well come back to bite us on the backside.
Timeone / WEG seem to be well connected with the $$$$ players in China who want the product- For me its not a long stretch to think they could team with another cashed up entity to make a take over play for PLV.
They already have 20% and would only need 30% of shareholders to fold their hand to gain control of the company thus making the pesky retail holders irrelevant. They could possibly offer the board some pretty sweet remuneration and stock packages to stay on the payroll after 50% plus 1 share is obtained.
They can then do what they like not only locking up 100% of Cockatoo but 100% of Irvine complete with the cockatoo infrastructure synergies.
The old boss of Zinifex / Oz minerals landed the plum job with minmetals after shareholders got shafted. Not saying that would happen here they may not even want the current board in their plans but it would certainly be a help going forward with the native title and govt red tape issues.
Hoot
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