Well it's Friday morning, so where are we.
It is no real secret that Doc and I are working on this together. We met as shareholders in VOR (then TSN), stayed in touch as shareholders and are doing this as ordinary shareholders in VOR. While we see what can be done, we have voluntarily suspended ourselves from trading in the shares and are seeking nothing in return, except a fair go for everyone.
To those who have made contact I thank you. I've got back to most of you, except those who emailed yesterday. I will try to rectify that ASAP, but I still work for a living and have bills to pay, so please understand.
We have more than enough replies to undertake a 249d. However the aim is to not just kick the board in the backside, but do something meaningful. Special resolutions in the end cost the company money, money that could be shareholders, so we don't want to waste it for mere self-gratification and empty vengeance.
In short, it is our belief it is impossible to hold the Cyber assets and the deal, however inadequate one may feel it is, is going to happen. On here I have said as much. I will not vote on it, but expect it to be carried and I believe it is our best interests, as certainty around those businesses is clouded if we try to hold them, in my view.
I believe there is a value proposition in looking to apply the funds from the sale to exploring our options with TSI. I really cannot say to much around this and part reason I have self imposed the trading ban on myself. We are seeking support of other significant holders, some said no, some said maybe and some will, if others do. Unfortunately, this is taking time and I understand how everyone's patience has been tested, because mine has been as well. We hope what is /may happen is worth the time in purgatory.
This is not to say that if we achieved the overwhelming support of most holders, regardless of holding size, that we would not be able to move forward regardless of larger holders. Every vote counts and every holding is significant in our view.
The very least we are trying to achieve is to put in a board we can trust, who will at least look at the options we have to add wealth to our position. I honestly believe that is achievable at this moment. I believe TSI's last quarter was no fluke and there may be opportunities to expand on that.
Naturally certain DD procedures will need to be undertaken and full accountability for decisions presented to holders. At worst we return the funds to holders, after proper considerations of our options are properly considered, as I hardly trust this board to start considering our interests at this late stage.
In conclusion, some people may prefer the buyback and I am not here to argue with you, as we all have our own priorities. However I've never been one to cut off my nose to spite my face and truly believe there is a path forward if we are willing to take it or just walk a little down it, before deciding to turn back. I apologise for the vagueness of this and hope to be a lot more direct in the near future.
Cheers
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