Ann: Media regarding approach from SQN Investors, page-46

SQN do not rate the board. In the event of a successful takeover they would have sacked/replaced the board. Not sure their view on the operational management but the CR comes down to self preservation. They’ve effectively killed the bid.

There’s clearly a huge disconnect between the board doing the right thing for shareholders and doing the right thing for themselves.

Any takeover premium is now gone. I’d be keen to know if there are actually other serious suitors or just curious 3rd parties. Either way they will likely let it play out and see how BTH deploy the capital.

I was looking closely at the company pre raise and was offered shares during the CR but won’t be touching this now. I’ll keep watching to see how it plays out but I don’t think the board have covered themselves in glory here and holders have a right to be angry/confused. All IMO.