Hi All
My thoughts on the the most recent developments.
Obviously, there has been some major maneuvering behind the scenes by some of the larger shareholders, or a consortium thereof. (perhaps this might further explain JID's seemingly unjustified departure from the BDR forum - he has remained active on other HC Forums).
I think it's most likely that PB and the board were approached by above mentioned shareholders and were essentially ''strong armed'' into retiring effective immediately. After all, which would you prefer, leaving on semi-friendly terms, relative dignity intact versus having to be forcibly removed via a unanimous decision at an SGM orchestrated by a group of highly irate shareholders, in front of said irate shareholders. Trust me, to the departed, they had no choice but to leave.
To Peter, Boyd and Richard, it must be acknowledged that they have chosen to leave in a manner which causes as little disruption to the business and harm to existing shareholders as possible. For this, they have my respect.
Moreover, the incoming management team are taking the reigns at just the rights time it would seem. If they can't improve the company from this position then no one can.
I must admit that I feel sorry for PB and Co, whilst I concede that their performance was less than stellar, I did believe that they would turn it around and it would have been nice to have seen them do it. It's a sad day for some, no one wants to leave having not succeeded, the shareholders will still make money on this stock, however, for the losers of this transaction, redemption will not be forthcoming.
There was some discussion regarding the possibility of this being a set up towards a possible takeover or a strategy aimed at selling off the mine at a higher price.
Mining companies are always for sale. Period. Beadell is no different, I'm sure if someone made a strong enough offer then it would get sold.
In regards to a possible takeover, I think the events of today make this a remote possibility. What we have seen (or what I can surmise has happened), is concerted efforts by big players in the background to intervene to protect their investment. The idea that the company would now get sold off for 21 cents seems unlikely. A hostile takeover attempt would most likely be defeated.
I'm standing by my previous prediction, Beadell will trade at above $2 within 2 years.
However, I could be wrong.... (but if I'm not then I'm really going to rub it in Pirate's face)
Cheers
Ivan
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