Hi Hadrian
i will be voting NO also and hope that many others do the same also.
I also hope that all the retail shareholders band together to defeat this, we did so @THE 2023 AGM to get a first strike on CEO remuneration (from memory we got a 37% No, this time we only need 25% of votes cast)The purchaser should have been told to go back and sharpen their pencil.
And also the offer released to the market.I don't understand how the independent expert is going to explain this is a good deal?
Generally the independent expert is not that independent and if the board has approved it the conclusion will be "Not fair but reasonable"Why has this been submitted before half year results.
I'm pretty sure this is because Cosette feels that the share price may have reached these levels or more after tomorrow's report, however I do not know why the Board are so eager to back it. It has been rushed and how on earth are retail protext d when only major shareholders has been possibly approached re the scheme.
This smells!We need to understand also who had been selling the stock down in the last couple of months, who was the shorter that magically exited position with pinpoint timing as Dabble had alerted to. The shorting smells bad!!!!
Without definitive proof, I researched who was the big seller in May last year that capped, inexplicably, the share price between $4-$5 for 9 months and I believe it was UBS Warburg which held just under the reportable limit of 5%. Guess who one of the advisors to Cosette is? You guessed it UBS.Why the board had cancelled the share buy back which would have stabilised the share price during the potential sales proces to extract a better valuation and premium.
Yes another $50M or so spent on buy back would have seen the share price trading between $7-$10and perhaps the offer $12 not $7.40The deal stinks on all levels.
Agree
(20min delay)