Agree, the more complaints ASIC receive the more likely they will investigate before the AGM which will be nothing but an undisguised step for Taurus to gain control at 50% less than fair value. I have submitted my complaint, the essence of which is that Taurus by blocking relisting, is pressuring shareholders to accept their unfair and unreasonable offer.
It is now some weeks since we heard of interest from third parties. The longer we hear nothing the more I fear their interest has waned. Might be difficult for a third party to buy in to a company which will be run by nominee directors who are there to act only in the interests of Taurus. Yes I know they will have a fiduciary duty to act in the interests of all shareholders for 12 months from the bid, but Taurus will be quite happy to wait this out. Ultimately, under compulsory acquisition rules they may be forced to pay us fair value, but we will not have our gallant independent directors for long and the new nominee directors could support a new valuation that undervalues the company.
I have long suspected Taurus never intended to relist but considered it likely that they would allow shareholders to share the ultimate rewards, even if we had to wait a few years. However, their recent actions in trying to pressure us into accepting a pitiful offer and proceeding with the replacement of the independent directors now indicates they want the lot and damn morality and ethics. Still a possibility that are still softening us up and will come up with an improved but still inadequate offer before the AGM. Also still a chance of a white knight.
Sorry for the rant but this is nothing compared to what the Galt and his cronies will get will get if there is no satisfactory resolution before the AGM.
RRP Price at posting:
8.5¢ Sentiment: Buy Disclosure: Held
