Only 3 of the 5 directors are independent, the other 2 are from LLC. This in itself is a bit of a joke, because one of independent directors, Ian Crow was an executive director of LLC.
I am particularly puzzled by this nugget of a comment from the Chairman Mr. Andrew Love from their announcement:
"..the Independent Directors consider the Proposal provides an opportunity for all LLP Securityholders to receive for their LLP Securities a premium to net tangible asset backing�
WHAT THE ?????????????? HOW IS 31c A PREMIUM to 55c??????????
Wasn't 55c Net Asset Backing mentioned in the full year report? Or are intangibles included in this figure - if such, what is the figure with intangibles subtracted?
Could somebody explain?
4 protest opportunities to say not good enough, page-3
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