Okay, thanks, I understand what you mean. Can’t say I agree with you though.
The company had 284 shareholders at end August. Only 26 of those had a holding of 10k+ shares, ie $4500+. The top 3 are Finevest and Belvedere so that leaves just 23 with a stake worth anything meaningful. I doubt the controlling holder cares a jot about any of them.
Bermuda isn’t exactly a shareholder friendly jurisdiction - shareholder rights there are vastly poorer than in Australia. And even more importantly, if the controlling shareholder decides to screw everyone - whether though a mechanism that’s technically legal, or perhaps even one that isn’t - what do you think you’re going to do about it? Jump the next flight to Bermuda and sort it all out? Pay a Bermudan lawyer to do so at >US$1000/hour? No-one even takes the fight to recalcitrant companies in Australia; there’s zero chance of one of the 23 doing so in Bermuda!! The very largest independent holder has only 500,000 shares, so AU$225k/US$150k. It would take only a few weeks of litigation to spend that much on lawyers, and pursuing a claim like shareholder oppression all the way to trial would probably run you $1m+. Given how uncommercial that is, who’s going to bother? Answer: no-one. And old mate certainly knows that.
You seem to be hoping (/expecting??) the controlling shareholder will soon turn around and buy out minorities for a premium. Given the above, on my assessment he has exactly zero motivation to do so. He’s played us all for fools here and it goddamn sucks but there’s zero we can do about it, other than take what’s on offer, or let it ride potentially for it just to completely disappear in the murky realms of Bermuda.
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