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3.4¢ metallica minerals limited

jonkb doesn't miss the point.Ask Solly Lew, who was refused a...

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Jonkb

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07/06/24

13:21

Post #: 74215359
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Originally posted by Getintoit: ↑

Jonkb,

I think you're missing the point.

1. If DRX end up with 55% then they will be a shareholder of MLM with 55% of total shares on issue. MLM will continue to exist unless DRX reach 90% acceptances, which is clearly unlikely.

2. Board members that end up being appointed to the MLM Board will be obligated to act in the best interests of all MLM shareholders and not just the 55% holder

3. Non executive Board Members are mandatory to ensure all shareholders of the Company are protected.

4. It would be risky for a Board to reject representation by a substantial holder having near 20% of shares eg SSAG

In summary there is a long way to go to get a resolution with the current scenario unless a superior proposal surfaces or DRX ups the Offer to something acceptable to remaining MLM shareholders IMHO.

Cheers

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jonkb doesn't miss the point.

Ask Solly Lew, who was refused a seat on Myer , and while you are correct in that non-execs have to act in the interests of all shareholders, there is no requirement to appoint anyone that CRX doesn't want on their board.
How would this be risky???? It would not be risky at all so don't know what risks you are referring to.

MLM Price at posting: 1.9¢ Sentiment: Sell Disclosure: Held
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