discussion on azx bod

Its a shame there aren't many AZX shareholders posting here as it would be good to get an AZX and Aussie view of their company. What I can say, admittedly from a GGG perspective, is that the general consensus of opinion of the AZX BoD is that they are not acting or operating very professionally, either before or after the takeover was announced.

Here's why in no particular order, and please if any AZX knowledgeables please counter or contest these points, or indeed criticise GGG and or its BoD if you have good reason:

AZX BoD gave themselves extremely favourable share options - GGG had decent higher SP targets

AZX sold half of Bullabulling for a song - Jeff at GGG saw the potential, bought half and is focused solely on exploiting Bullabullings potential

AZX appear to have been obstructive in GGG's plans to list on ASX

AZX unbelievably still havent withdrawn their plan to go down to ONE rig at Bullabulling - GGG want to go to minimum of FOUR

AZX are still spending cash on green roots exploration - GGG are not looking anywhere other than Bullabulling

AZX brought GGG into the project and are publically criticising their JV partners abilities - GGG have focused arguements solely on the issues and how to increase shareholder value

AZX threaten / blackmail their own shareholders that any shareholder who accepts the GGG offer will be prevented from benefitting from a proposed non- Bullabulling spun off company

AZX have still not put any vision on how they will fast track Bullabulling other than some unilateral and unfunded 194km drill declaration, plus vague statements about raising money - GGG are fully funded and have stated their Bullabulling plans

GGGs takeover will result in Bullabulling being placed in single entity - AZX offer no alternative as to how to achieve this agreed and shareholder value enhancing aim

AZX appear to be economical with the truth in making public and misleading claims - That GGG did not canvas AZX ii's, that AZX are the Manager of Bullabulling, that GGG lacks ability to exploit Bullabulling, that they did not obstruct GGG's ASX listing,


John Lawton has been report as saying:

'We do not see any redeeming features in the GGG offer' - Well many shareholders see that the resultant increase in shareholder value in consolidating Bullabulling as a redeeming feature

'It does not value our shareholders interests' - More like it does not value the John Lawtons interests

'it is a bit rude, given we brought them into the arrangement' - Is this guy some kind of child crying because someone wants his favourite toy? Unbelievable... this is business, you're working for your shareholders benefits, or at least you should be!

I dont know if this takeover will succeed, but if it doesnt I cant see any way GGG will accept the current AZX BoD given what we have seen of them so far. They appear to have been caught off guard by GGG, have been unprofessional in mounting a defence, have been public and personal in attacks on their JV partners, do not appear to have their shareholders interests at heart, still havent set out a vision for Bullabulling, have made vague indications about also duel listing and raising funds by diluting AZX shareholder by 27%, lastly and incredibly they seem to have threatened their own shareholders in an attempt to stop the takeover from happening.

Counter arguments and observations welcome

Temu

http://www.couriermail.com.au/business/auzex-rejects-hostile-bid-by-project-partner/story-e6freqmx-1226053536583