WOW! Rather than go back to Gupta and say, "I don't think the deal is going to go through, how about we re-negotiate". It looks like they said "Hey Gupta, can you write a letter for us telling the shareholders that you think this will be a good deal". I can't see why a letter would include "I would be happy for you to share this letter with Havilah shareholders" unless it was written with the specific purpose of being shared with all shareholders.
I can see why our independent directors and CEO are for this deal with statements like "It is GFG’s current intention that Havilah's projects continue to be managed by the existing senior management.". At least Gupta wrote "current intention" so he can always change his mind once he realises the lack of competence or loyalty to shareholders.
However, Gupta would appear to have a different view to the independent directors and CEO on one issue. Gupta states "We understand how important it is that the interests of all shareholders are protected and they all have a say in the company’s future" (emphasis added). Does that mean that Gupta thinks that Bob and the other 38.51% of shares he controls should be allowed to vote on this deal? If the independent directors could turn on 38.51% of shareholders, I wonder if Gupta is thinking "Could these guys turn on me too one day?"
HAV Price at posting:
14.0¢ Sentiment: Hold Disclosure: Held
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