agm fallout, page-4

One of my major concerns was the widely discussed private equity bid.

It would seem that the course of events were:

1 The board was approached by a PE firm from the USA that was interested in investing in the beyond carbon product. Once they did the due diligence they obviously loved the story and approached the TFS board with a none formal offer around 85 to 90c to buy them out.

2 The then chairman (Alston) created a subcommittee to deal with the offer consisting of himself and two directors (Eacott & Croot)

3 They contacted outside help to consider how to proceed with the offer (hence the nasty bill that is being disputed)

4 Around 6 weeks later the offer was withdrawn due to the economic climate in the US & the EU.

My concern related to why the offer was not presented to the shareholders so presuming the above is correct then the company handled the approach correctly.