re: another corporate rort?
It sure smells like it.
Blundy floated 40 (?) million shares @ $1.50 ea. = $60m.
At a later date sold 9 million shares @ $2.30 ea. = $20.7m.
Total = $80.7m.
Now he wants to buy back those 49 (?) million shares @ $0.78 ea = $38.2m.
So if the proposal, as outlined, is successful, Blundy regains 100% of a bigger company & pockets $42.5m into the bargain - nice work Bretty boy!
As a private company, you can bet the poorly performing segments of the business will be divested quick smart.
I'm not & have never been a holder of BRZ but I can't help but think that shareholders are going to be well & truly stiffed if this goes ahead.
As someone else pointed out in this thread, Blundy will get his way no matter what - that is the consequences of investing in a company that has a shareholder with an overwhelming majority shareholding.
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