“The [BDT] Board has determined to postpone the EGM while...

“The [BDT] Board has determined to postpone the EGM while itconsiders additional disclosures to be provided to shareholders…”

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This is very welcome news. They must have become aware of shareholder resistance. Perhaps they have read the HC posts. The originalEM was very poor (and dismissive) for its absence of commercial guidance and informationthat shareholders would fairly need to consider the proposal. At a minimum the Board should have commissioneda genuinely independent expert’s report on BDT’s valuation and prospects for shareholders.Also, it was bad that ASX did not imposevoting exclusions for both resolutions, so I hope the Board will now decide to imposevoluntary exclusions. The directors and senior management actively promotingthis (especially the buyback) have far better insight than minority investors intothe value and outlook for BDT; they intend NOT to participate in the buyback,yet are implicitly recommending the opposite to the other shareholders. The resolutionsshould therefore be decided only by the minority holders. Miall and Dixon should stand aside entirely from thisprocess, which should be conducted by an Independent Board Committee.

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Such postponements do sometimes happen but they are rare. When I saw this I wondered if someone had complainedto the Takeovers Panel, although that would need to be disclosed. However, this ASX announcement was timed at 18.26so perhaps tomorrow will reveal more.