PIK, BODs have discussions with third parties, get offers and unsolicited approaches all the time. They are not obliged to announce ever offer. What they should have done and (still should do) is engage a corporate advisor who would help them understand the best way to commercialize the companies assets.
This means evaluation, comparison and time frame strategies of the various options. This then needs to be managed so that they KNOW what the market value is at ALL times. Is selling the asset the best thing to do, If it is, why accept the first offer (where there others?). Having run, analysed and advised listed companies to me it is patently obvious these boys are out of their depth when it comes to corporate management. I don`t even think the current BOD know what the don`t know.
We are talking about a possible world class asset and company maker here and the owners of the company want the business to be achieve the best returns possible not the easiest one
BGS Price at posting:
28.5¢ Sentiment: Buy Disclosure: Held
