It has happened before that the Instos will hold out for a little more. And another 10cents per shares won't be that hard to achieve if they will be hanging on for that. After all, some of these Instos have paid up to 85 cents per share. Not much profits for them if they are to consider such a small return for such a long period of time they have been invested.
So, IMHO, all is not lost as yet.
The only thing that I am not very happy with, is the decision from Management to sell ESG not by a T/O, but simply by a Scheme Of Arrangement. To me, that sucks and it sucks up big. For they don't need to have the majority of all the shareholders to get it through, but only 50% of the people present at the meeting with 75% of the voting power. Chances of getting that through are easier, by far, than a full T/O. IMHO we have been clearly shafted by our Managemeny with the continous silence.
AOE was a typical example of that, when the shareholders held a vast majority of voting powers, and yet it went through. Watch what they will do now, especially with the sp.
No one can tell me that they haven't been aware of this, nor that the offer was just lobbed on the table in the last couple of weeks. For, IMHO, they would have had plenty of time negotiating the outcome considering that they recommended to the shareholders that the scheme should be supported. The hyde of them telling some of the posters here all of that hog wash.
Ohhh, the joys of investing in the sharemarket with all of the honest Boards and Managements around.
Cheers.
ESG Price at posting:
84.0¢ Sentiment: None Disclosure: Held
