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Ann: Notice Received Under Section 249D of the Corporation Act, page-142

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pillowofpennies

314 Posts.

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26/06/18

16:36

Post #: 33960003
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Originally posted by Patterns ↑

I think that this situation is best viewed as a hostile take over bid of the current board. $BKP has 2.65 billion shares outstanding and a float of 1.91 billion shares. The float equates to about 72% of shares in the company. For the yes vote to be successful, I'd guess that the yes vote will need to be able to muster between 0.95 billion shares and 1.325 billion shares by 05 July 2018 when the meeting is due to be called. At present they have nowhere near this shareholding needed and will have to pick up their buying over the next couple of weeks if they want their challenge to the board to be successful. One of the current directors has recently sold a large parcel of shares and it should be noted that $BKP has only three directors, Collin Vost, Justin Vost and Ray Chang. The proposed meeting to be called by 05 July 2018 and held by the 14 August 2018 is to appoint Jason Brewer, Christopher Zielinski and Patrick Glovak as directors to replace the current board.
The companies who called the meeting only had a shareholding of 5.19% on the 14 June 2018 when they issued the notice under section 249D.

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Pretty obvious that a very high percentage of current holders are going to vote for it. Won't the current directors be better off financially letting jb come onboard and pump the share price anyway?

BKP Price at posting: 0.5¢ Sentiment: Buy Disclosure: Held
3 Upvote

0 Great analysis

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(20min delay)
Last 3.5¢		Change 0.002(6.06%)		Mkt cap ! $20.34M

Open	High	Low	Value	Volume
3.3¢	3.5¢	3.3¢	$5.371K	154.8K

Buyers (Bids)

No.	Vol.	Price($)
1	4518	3.3¢

Sellers (Offers)

Price($)	Vol.	No.
3.5¢	174200	2

View Market Depth

No.	Vol.	Price($)
1	65425	0.032
4	2197954	0.031
2	186000	0.030
2	1200000	0.029
2	891308	0.028

Price($)	Vol.	No.
0.035	174200	2
0.036	191451	4
0.037	792221	2
0.038	100000	1
0.039	203948	2

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Ann: Notice Received Under Section 249D of the Corporation Act, page-142

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Ann: Notice Received Under Section 249D of the Corporation Act, page-142

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