SBM (ASX) Ann: Atlantic Reclamation Security Estimate

SBM st barbara limited

1.69%

29.0¢

First 14 Last

Share
Profile

Follow
Chass

1,125 Posts.

117

01/06/23

11:02

Post #: 68074773
Share

Originally posted by Sherlock Buffet: ↑

Dear Members,

Are the directors seriously positing that the pathetic offer by GMD must be accepted because we now have another piece of disgusting management evidence (like the mooted breach of the debt covenants if the GMD offer isn't accepted)??? Are they trying to suggest accepting an undervalued bid is good (insert- because it allows the white wash of the mismanagement), because accepting GMD's bid involves accepting a pathetic amount of much needed cash (insert- to absolve the mismanagement created issues)?

It is the height of intellectual bankruptcy to tell shareholders that they ought to accept the undervalued bid because they can't do better for the owners. One can easily imagine the management bleating, 'we cant breach the no shop, no talk condition'. If they rely on that condition to justify/rationalise the GMD bid, one can add the decision to allow the condition's inclusion as another piece of damning evidence. Management are trying to shame/scare owners into believing that a failure to proceed with GMD offer will be worse for them.

All this vile episode in corporate action proves is that management can destroy a good business. Plenty of gold is in the ground, the failure to extract it in an efficient and cost effective way proves the owners have been let down. Is it lost on anyone that management's failure to act earlier to protect the owners' interests has the company now running to Wile E. Coyote so he can draw a tunnel entrance on a sheet to hang on a rock face?

Expand

GMD and the directors of Dacian managed to screw shareholders the exact same way. Out of nowhere Dacian needed cash, GMD came to the rescue and were allotted a shit load of shares that got them over the 75% . It seems to be a practice all over the board , MCR same! the threat to shareholders and the bad news flows. Large shareholders have their head in the sand in most cases.

Originally posted by Sherlock Buffet: ↑

Dear Members,

Are the directors seriously positing that the pathetic offer by GMD must be accepted because we now have another piece of disgusting management evidence (like the mooted breach of the debt covenants if the GMD offer isn't accepted)??? Are they trying to suggest accepting an undervalued bid is good (insert- because it allows the white wash of the mismanagement), because accepting GMD's bid involves accepting a pathetic amount of much needed cash (insert- to absolve the mismanagement created issues)?

It is the height of intellectual bankruptcy to tell shareholders that they ought to accept the undervalued bid because they can't do better for the owners. One can easily imagine the management bleating, 'we cant breach the no shop, no talk condition'. If they rely on that condition to justify/rationalise the GMD bid, one can add the decision to allow the condition's inclusion as another piece of damning evidence. Management are trying to shame/scare owners into believing that a failure to proceed with GMD offer will be worse for them.

All this vile episode in corporate action proves is that management can destroy a good business. Plenty of gold is in the ground, the failure to extract it in an efficient and cost effective way proves the owners have been let down. Is it lost on anyone that management's failure to act earlier to protect the owners' interests has the company now running to Wile E. Coyote so he can draw a tunnel entrance on a sheet to hang on a rock face?

Expand

SBM Price at posting: 54.8¢ Sentiment: Hold Disclosure: Held
2 Upvote

0 Great analysis

Reply

Top Stories

NEU

Neuren jumps over +11% on patent win for Pitt Hopkins drug treatment

BPH

Australia’s gas crisis is here – and dying coal plants aren’t helping

Thursday's HotCopper trends: Paradigm's drug IP buy, MTM placement | June 26

Listen: HotCopper Wire Podcast 015 – Yeah, we're thinking the IPO market is back

'Not possible' to port renewable gas: ACCC takes AGN to court

First 14 Last

Add to My Watchlist

What is My Watchlist?

A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.

(20min delay)
Last 29.0¢		Change -0.005(1.69%)		Mkt cap ! $314.0M

Open	High	Low	Value	Volume
30.0¢	30.0¢	28.5¢	$1.570M	5.407M

Buyers (Bids)

No.	Vol.	Price($)
14	481712	29.0¢

Sellers (Offers)

Price($)	Vol.	No.
29.5¢	830656	60

View Market Depth

No.	Vol.	Price($)
13	356326	0.290
29	1242848	0.285
25	1825693	0.280
10	805510	0.275
18	529096	0.270

Price($)	Vol.	No.
0.295	850268	62
0.300	548842	18
0.305	464359	12
0.310	873842	9
0.315	163000	2

Last trade - 15.02pm 26/06/2025 (20 minute delay)

SBM (ASX) Chart

Neuren jumps over +11% on patent win for Pitt Hopkins drug treatment

Australia’s gas crisis is here – and dying coal plants aren’t helping

Thursday's HotCopper trends: Paradigm's drug IP buy, MTM placement | June 26

Listen: HotCopper Wire Podcast 015 – Yeah, we're thinking the IPO market is back

'Not possible' to port renewable gas: ACCC takes AGN to court

Featured News

Buyers (Bids)

Sellers (Offers)

Featured News

Top Stories

Neuren jumps over +11% on patent win for Pitt Hopkins drug treatment

Australia’s gas crisis is here – and dying coal plants aren’t helping

Thursday's HotCopper trends: Paradigm's drug IP buy, MTM placement | June 26

Listen: HotCopper Wire Podcast 015 – Yeah, we're thinking the IPO market is back

'Not possible' to port renewable gas: ACCC takes AGN to court

Featured News

Buyers (Bids)

Sellers (Offers)

Featured News