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clock Created with Sketch. 26/06/18
16:36
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Originally posted by Patterns
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I think that this situation is best viewed as a hostile take over bid of the current board. $BKP has 2.65 billion shares outstanding and a float of 1.91 billion shares. The float equates to about 72% of shares in the company. For the yes vote to be successful, I'd guess that the yes vote will need to be able to muster between 0.95 billion shares and 1.325 billion shares by 05 July 2018 when the meeting is due to be called. At present they have nowhere near this shareholding needed and will have to pick up their buying over the next couple of weeks if they want their challenge to the board to be successful. One of the current directors has recently sold a large parcel of shares and it should be noted that $BKP has only three directors, Collin Vost, Justin Vost and Ray Chang. The proposed meeting to be called by 05 July 2018 and held by the 14 August 2018 is to appoint Jason Brewer, Christopher Zielinski and Patrick Glovak as directors to replace the current board.
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Pretty obvious that a very high percentage of current holders are going to vote for it. Won't the current directors be better off financially letting jb come onboard and pump the share price anyway?
