After talking to Lawyers these past 5 days I am withdrawing legal action. It got down to you guys in the end. You shareholders, who voted yes the 98% cannot join in any class action as you have agreed to their proposal. The 2 % who said no would only amount to a $22m class action which needed to be $200m.
I believed in this board, am a substantial shareholder and a long term holder. Now I don't trust anybody. I probably am going to sell all my holdings and go in a different direction.
Some retail shareholders spoke to me after the meeting about Jack Tilburn who I was informed passed away some years back. Last time I met Jack was at the Origin AGM he asked me to become his apprentice. I was informed he lived at Dee why and taught kids metal work at a school at Cabramatta Jack lived his life helping kids. How this country has changed, shareholders will take what is offered.
Another Australian Company sold to a foreign entity. Soon it will be hard to find an Australian company ! This time at a discount to its value. Government don't give a dam. ASIC will allow it through they probably scared of legal action. I have read the experts opinion (Deloitte )and they valued Link at $4.33 Strange how they picked years the share price collapsed to determine the price. The Thursday after the meeting the combined share price of Link and Pexa 42.8% was $1,353,336,000 (Cap of PXA 42.8% ) $2,242,000,000 + (Cap of LNK ) = $3,595,336,000 / 512,987,000 shares = $7 a share I asked the Chairman why shareholders were not paid any consideration for Pexa. He considered a specie distribution but said Tax department would require a 80 - 100% distribution So changed his mind.
LNK Price at posting:
$4.39 Sentiment: None Disclosure: Held