On the plus side, if Burns holds out , his 9.94% will May a compulsory takeover unlikely.
However as VBS start to accumulate more, their influence on the board will grow as well. 30% means they can probably argue for a proportional representation on the board which may be OK. If they tip over 40% or even 50% , GH May find life more challenging and could start to lose control of the direction of the company.
The real question is how far do VBS want to go if they can’t get the whole company? If they are a disruptive influence, they may drive the SP up as they accumulate more but at some point they could easily derail things which will destroy EV. Does anyone have a view on their lively endgame? Is it to be onboard a company whose SP will rise rapidly as they move to FID or do they want a company to play with?
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