Brilliant and genius.
I must say , in all sincerity, brilliantly milked by the co-founders on the way out:
-Dilute everyone by 50%, $40m shares to CW and Mason;
- Load the company with a $30m liability to Mason for B&P. B&P won’t make $30m in 15 years based on historical and current sales;
-Drain the company of all excess capital on the way out - $10m in cash for Mason, the company will require several CR just to stay afloat;
-Hope the SP holds up till March so that they can sell their circa 40m shares, just pump and dump it I say;
- Obligatory thank you and sincerity towards shareholders for supporting them and making them very wealthy people to the tune of 40m shares at whatever price they dump their shares at in March;
- Ensure the current shareholders agree otherwise they dilute them by 10% and issue shares and cash to Mason for not transacting, very nice touch, and here’s the kicker.
They didn’t even sell a single profitable Tin to anyone nor turn a single days profit in 10 years all the while feasting on the company purse. Gordon Gecko tips his hat.
That, in anyone’s language, is one brilliant A grade milking of a public and financial institutions. Hats off, slow cricket clap, raise the bat.
Edit: What the co- founders really wanted to say on their way out but couldn’t:
Thank you to the Australian public and financial institutions for believing in our story, a very special mention and thank you to the Indian mob (whoever you were) who were going to buy $100m in “vertically integrated, organic, Uganic, nutritional dairy, goats, A2, superpowder, Skus, whatever, every year for 10 years, and in closing, a very special thank you to China.
Where would we be without you. China we love you. Hope to see you all soon, btw guys (shareholders, public, whatever and whoever is still listening) the approval to sell into China is imminent - (trust us, it is imminent), March , April, May, June, somewhere around there, it’s coming and when it does , trust us, it will be rocket ships, China will only buy WHA because, well we don’t know why just believe us we’ve been trying for ten years to sell to these guys and we know we are better then any other of the thousands of IF brands selling into China plus we want to pump and dump our stock.
Now remember to vote yes, we have to buy this tin factory because, well you know, China, Vertical integration, bush fires, climate change, pump and dump, whatever floats your boat, and plus our kids need to finish their high school project. We say how good is China and speaking of boats we plan on buying a very big one soon.
Absolute genius and brilliantly played to the co- founders.
That’s one hell of a milking , pardon the pun.
Enjoy your retirement.
Mooo
WR.
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