Mose, when I invested in AGS, I put faith in the entire company, board included. From what I could sense, the M&DC case had the potential at worst to keep our JV partner honest. Cleary, as hindsight will show, my faith was blind, and as a result, I'm suffering significant losses too.
In regards to the current offer, I'd expect that it's very low, so no, I'm not happy with it. I've never hoped for a sale, as I didn't think we would be offered "true value". The figures that have been discussed on here are quite inflated, mainly with the view that the U price will go up. For us to expect a potential buyer to pay for this gamble (of the U price going up), it'd be a hard sell.
Because of the above, no I'm not happy with management's performance...at this stage. I am eagerly awaiting more information about this sale, what they plan of doing with the funds, what impact this is going to have on the current case, how much our current legal fees will be (and if we have to pay them). I'm also wanting to know if Deloitte has been involved in this sales process - if so, is their a commission of any type coming their way.
Management do have a chance to redeem themselves, but it's going to take more than pulling a rabbit out of their hat or a hare out of their arze to get back in my good books.
No doubt, like most on here, I'll be voting against the sale (at this stage).
AGS Price at posting:
11.0¢ Sentiment: None Disclosure: Held
