That maybe the case for a company that is trading and has little volatility in the SP. I understand your argument, which is to protect the board for future litigation.
However, RAC is not a trading company so I cannot see how a merchant bank could value RAC. We have the Triangle Report and as the milestones are achieved the risk moves from 98% to something less. I still think the board are obligated to advise the full potential of the asset.
As a major Shareholder, Dr. T would also weigh into the argument. Especially if his involvement as an employee was planned to be terminated.
It really is just academic, because I don't believe a hostile takeover will eventuate.
If something were to happen, don't forget it has been discussed the original board were looking to flip Bisantrene for AML only for circa $30ps. There is your starting point, and every SH would have made a good return.
Cheers
RAC Price at posting:
81.0¢ Sentiment: Hold Disclosure: Held
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