Seeing Novomatic's Bidder's Statement, the name of another infamous Austrian came to mind. That of David Tschernitz a.k.a. David Tweed. Novomatic formalised their unconscionable attempt to squeeze out shareholders with the announcement of a scheme that was doomed from the start. The scheme failed dismally and was rapidly followed by an on market rush to buy shares. This also largely failed and now in a desperate bottom feeding effort Novomatic is attempting to pick off small shareholders that largely consist of pensioners and retirees. People who have very little understanding of the complexity of schemes and are not sure what to do in these circumstances. This has all been perpetrated by people who ought to know better. People like the chairman of Novomatic, Johann Graff; Danny Gladstone, Chairman of AGI and David Friedlander, Chairman of Mallesons.
The conduct these people have signed their name to is, to put it plainly, an absolute disgrace. Their plans will fail.
If you're a shareholder reading this, here is it what you can do;
- Don't Accept the offer
- Look at the price shares are trading at on market before making a decision.
- Consider whether it is worth waiting for a better offer.
- Wait until McGrath Nicol releases its report critiquing the current Independent Expert Report to form an opinion on whether the current offer price is fair and reasonable.
(20min delay)