new offer from gold coast consortium, page-24

I wasn't going to respond to negativity but you all seem to be missing the point. The proposed offer has nothing whatsover to do with the share price.
Absolutely nothing. I am not buying and have no intention of buying never did from day one. This thing asks for sentiment and as each days news brought new bits of information my sentiments changed in accord with what appeared to me to be the best for the common good.
As we have watched different manouvers manifest almost daily it raised the question what is happening here? Of all the offers and counter offers, games and tactics to emerge what was real and what was just bluster and bluff. No one ever seemed to ask What is in the best interest of shareholders, staff and Australia. There were rampant comments about the BB Board and its mistakes and all the supposed breaches of the company code and countless sections were mentioned quite vigourously yet the regulators have done and said nothing so do they just not care or does it fall under the thousand shades of grey. BB from all accounts is in trouble how much we are still not being told. Whilst it is in suspension it is the ideal time to reach a decision on its future.What is in the BEST interests for the common good of ALL shareholders, staff and Australia that is the question that you all need to ask. BB needs cash to appease its bankers, it needs to implement a rationalization plan that the Board have made headway on and it needs to settle the impasse on its ultimate ownership.
The two American backed offers from Sycamore and VF would settle ownership once and for all - it would become an American corporation with lots of cash backing strong US brands and store networks from both bidders so if a FAIR price could be obtained for shareholders a solution would be found. The final scenario is VF have pulled out, Sycamore has withdrawn its latest reduced offer of 45 cents and opted for a very cheap backdoor entry by paying out bank debt in return for absolute controlling equity which was the game plan from day one and it has played out exactly on schedule. There is no payment to shareholders, the banks are paid out so they are happy and BB as a brand is absorbed by their Ameican brands. In order to rub salt into the wound No dividends will ever be paid, the share price will fall and they might offer to buy your minority stake at a pittance but I reckon the plan would be to creep up from 77% equity to 90% then compulsory acquire the balance for zilch.
The proposal that I put up that got shot down in flames recognised that an Anerican takeover was inevitable. Was there some way to save the brand and somehow keep it in Australian hands. Was it possible to ensure that shareholders got something back once the dust had settled and would it work for the common good of all shareholders.
To go over it once again. This is what you have turned down in favour of the worst possible outcome.
The Australian, and New Zealand retail and wholesale stores and eshops businesses would be separated from the BBG. Stock , F/F would be purchased at cost to,an amount of $30 million significantly lower stocking levels than at present. The company would assume liabilities of $30 million on that stock and pay $1 for the businesses. It was conditional upon retaining the name Billabong in some form possibly Oz Billabong, Aus-Billabong, Billabong Oz or Billabong Aus andwould not include the Billabong Pro team or sponsorship of events and people.
To be FAIR and reasonable to shareholders a new Australian company would offer existing shareholders the equivalent of TEN CENTS per share in consideration for their investment in BB Australian and New Zealand operations that were separated from the main company.
To be even more fairer this would involve the issue of 48 million in riund figures of $1 fully paid 10 % 3 Year Redeemable Preference Shares which would be redeemed at $1-25 per share. With Dividends snd capital gain on redemption this amounts to $74.4 million for that part of BB .
The company would then be free to arrange for thr ultimate disposal of its remaining worldwide assets at the best deal possible. Sycamore would still be free to do their cash for equity thing with the banks and existing shareholders would still own BB international operations or you can go for a cash offer from Sycamore if they will play ball but me thinks not.
So before you tear strips off me think this over again. It is still on the table unless BB reject it.....I wlll leave it for you to think about because itbis your choice. You never know what you have lost until it is gone.