I am sure, that due to these latest developments, there will be increased discussion on an EGM to remove board (some) members - however there are a number of processes to go through.
Calling an EGM is not difficult - there are enough members even here on HC that could make this happen.
However there does need to be a specific motion in place to explain the reason for an EGM - this needs to be coordinated, and full process (which is somewhat complex) then needs to be followed.
There are some posters here that do have far more extensive knowledge of this, I myself - even though having been exposed to higher echelons of corporate management, have never encountered such a situation.
I certainly agree that some board members need to be removed. From what i understand, there needs to be two motions -
1. Loss of confidence in the board 2. Re-election of a new board
However at this time, i cannot see either getting over the line - and the fact that it is the retail shareholders that have effectively forced the increased bid from Pfizer, is probably not relevant to the fact that the BOD recommended the lower t/o price of 11.5 - but by doing so, they (the BOD) did obtain working capital.
Many have posted - this is a play smart by the BOD etc etc - ad nauseum, but you do need realize all, that the BOD are not stupid either, maybe swimming in a small pond was easy, swimming in big one with a lot of sharks is far more difficult.
Maybe it is time for the BOD to move on - some very good posts earlier about how a BOD are good at bringing a product to market, but not so great at commercialising it on a big scale. But saying this, the BOD have brought the product to a commercial position where it is attracting the interest of big players - this is how it goes. Sad but true. The biggest gripe from S/H is the support they have given to the company over a number of years, will ultimately not result in the ambitions of same S/H - the current management are not in the same league, and well out of their depth when your are talking $Bn companies.
Saying all of this, the t/o offer is still rubbish - as i posted a while back, i ran some Algos on what s/p valuation would get this over the line, and came up with around 24c. The close to increased 100% offer from Pfizer did surprise me, which has thrown my calculations out (as s/h will not be voting on 11.5c) . So i ran these again, using increase of bid by 50% rather than 20% - and showing me that a SP of around 33c will get this over the line.
good luck all - Ports certainly buying more !!!!
RAP Price at posting:
16.5¢ Sentiment: Hold Disclosure: Held
