I think AVB has shown its inexperience at board level in allowing the company to be in this position of low ball takeover. They had hinted that they were moving towards forming an independent board but they moved at snail pace.
TP did a reasonable job in the early years particularly at the bottom of the cycle, but lacked the necessary skill set to garner market attention and excite the market. The board should have identified this as a weakness and overall threat to the company. A strong chairman would also have acted.
The company has placed the shareholders in the position of having great assets but a board and management team that are not capable of delivering. Now only to be sold to a low ball offer.
Still waiting on drill results from Pantera. They were very keen to get drilling but mysteriously no results. Hmmmm.
AVB Price at posting:
16.5¢ Sentiment: Buy Disclosure: Held
