It is well worth a read, it details just how crazy things are getting at Thorn, and how important it is that everyone vote to kick out the existing directors.
Key points are these: 1. Thorn's largest shareholder Somers controls the board of directors, and thus controls Thorn. Pretty easy to guess whose interests those directors will be favouring. 2. ...but, you don't even need to guess. Look at what Thorn's directors did when they received the EGM request. They sat on it for weeks, then they refused to call the meeting but refused to say why, then when they were sued in the Vic Supreme Court they got spanked and ordered to both call the meeting and pay the other side's legal costs. And then...they STILL didn't call the meeting for another two weeks!!! 3. And in the interim, they declared the special dividend, then applied the DRP to it. Why???? It's not as if Thorn needs the cash!!! Well actually it's pretty easy to work out why. Somers (who controls Thorn's board) subscribed to the DRP, got about 80% (!!) of the shares issued under it, and increased its shareholding to about 39% compared to 31% previously. And that happened after the board was legally obliged to hold the EGM, but before they actually did. So the combined consequence of the board not holding the meeting when required, and then issuing Somers a whole heap of DRP shares, is that when the EGM is actually held, Somers will have 39% of Thorn's shares rather than 31%.
Just, wow.
Anyone who hasn't yet voted, I would implore you to do so immediately, and vote for all the resolutions. Voting closes this coming Monday 30 November and every vote will be critical to ensure Somers doesn't control your investment in Thorn forever.
TGA Price at posting:
15.0¢ Sentiment: Hold Disclosure: Held
