Your opinion is correct and it is a fact that I already recalled...

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Jeanlucecuyer

307 Posts.

113

20/12/22

19:06

Post #: 65388834
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Originally posted by RooBendigo: ↑

"Dacian’s Independent Directors, Craig McGown and Sue-Ann Higgins, continue to recommend Dacian Shareholders accept the Offer, in the absence of a superior proposal, and (if the Offer remains at the relevant time) subject to the independent expert concluding the St Barbara Scheme is in the best interests of Genesis Shareholders.Dacian notes that, as at the date of this Supplementary Target’s Statement, no such superior proposal has emergedAndrew Brookes: Dacian’s Independent Directors, Craig McGown and Sue-Ann Higgins, continue to recommend Dacian Shareholders accept the Offer, in the absence of a superior proposal, and (if the Offer remains at the relevant time) subject to the independent expert concluding the St Barbara Scheme is in the best interests of Genesis Shareholders.Dacian notes that, as at the date of this Supplementary Target’s Statement, no such superior proposal has emerged"

Except for one teeny tiny detail, independent directors: DCN holders have for weeks now been able to do better than the offer by selling on the market, (and then buying GMD shares if they so wished). DCN have pulled out the boilerplate text used for offers at a premium.

My opinion: Pretending not to notice the offer has been, for weeks now, at a discount to the market, and therefore not recommendable by definition, is gobsmacking.

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Your opinion is correct and it is a fact that I already recalled on September 29: “sell on the market”.

Whether they are dependent or independent directors like Higgins and McGown, the primary mission of a board is always to protect the interests of its shareholders and this mission is unfortunately not respected.

All this with impunity and without any intervention from ASIC. Unless no one has alerted them or filed a formal complaint in relation to the progress of this affair and in particular the conflicts of interest raised for the persons concerned by this operation.

DCN Price at posting: 10.0¢ Sentiment: None Disclosure: Not Held
3 Upvote

1 Great analysis

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