Thanks Richard. I'm not a lawyer either. I was just tossing my...

Thanks Richard.

I'm not a lawyer either. I was just tossing my thoughts out there to see what others more knowledgeable in the field might think.

In my hypothetical I was specifically referring to the actions of a Chair in the situation I constructed but I would equally have thought that any Director doing the same would be similarly compromised.

I have always taken the perspective that the board of a listed public company has a primary duty to the shareholders. Indeed you echoed this sentiment in your reply to GIZ in reference to the two IBC Directors ("They have given poor service to shareholders...")

However taking the broader view you espouse in your reply to me of the Board's duty being to the company as a whole, I suppose you could view that being publicly listed is just a choice among many made regarding how the company is financed and that taking the company private is "just" changing to a different financing option/structure.

I suppose in that context, the interests of a company might be better served by not being listed as this would allow for a period of restructuring and reinvestment of earnings without the market pressures of continual revenue and dividend growth etc. Equally I would think it wouldn't be impossible to sell that idea to the shareholders of a public company - although I can't think of any recent instance where that has been done successfully. I'm happy to the educated otherwise...

Irrespective, I agree that the mechanics of the process have all been by the book and as you note, a great many shareholders felt the offer was "good enough" to accept it.

Just my opinion, DYOR etc.