share consolidation, page-62

Alot of it comes down to what you want to achieve and how to go about it. GGP definately perform best under pressure and acted quickly to the EGM threat by removing the two directors, appointing two new, and generally improving communication.

I suspect IG consider the EGM a failure. ie they didn't get a board seat. Now pursuing other methods.

But if the EGM was meant to strengthen the board and improve transparency then it was a success. Guess its the glass half full approach.

It's possible a class action has similar benefits. It puts things on the record in court. Makes things very open and transparent. Just depends if that is the goal or if winning compensation is the goal. Just the pressure it applies is a good things although, I'd preffure it was only a threat and not set in stone.

ie use the threat of a classaction to get what you want. Give them a reason to negotiate. But I'd say getting a board seat is not negotiable for GGP and I understand why.

And if you look at NosyP info about the ex BHP and ex BP personnel, then you can see that SG was most likely correct about his "takeover by stealth" comment and "without paying premium" and "only 5%" comments.

Had IG won 2seats it's very possible they would gain effective control and appoint ex BHP/BP people. Possibly totally replacing current board or diluting their influence to NIL.

I'm not saying that is a bad thing. No comment on that. No need, as it didn't happen. But it's clear it "could" have happened. And that is why SG has every reason to treat IG as a hostile threat and not friendly allies.

Moving forward the coices seem:
1. SG alone
2. SG + IG
3. IG alone.

I cant see #2 ever happening. Too many bridges burnt. Too many strings. Class action only makes IG less trustful to SG as they suddenly have access to more info to potentially use.

So as holders we only have to decide whether #1 or #3 is in our best interest. At the EGM it was #1. Largest holder used his power to vote in his interest.

IG either need to win the support of more minority holders than last time, or they need to start buying up.

I still think SG deserves 6months to turn things around. The new directors are finding their feet. We needed the rights issue money. Now let them renew the leases and start fraccing.

If in 6months we are going nowhere then time for change.