One small upside, if Molton gets the lions share, his track record is he doesnt sell on-market, whereas the so-called Instos over the years have never hung around for long.
Downside is the sp will be discounted in the future due to one large shareholder effectively having control, and perhaps no changes to management while he is supporting them with his votes.
However, even Molton has to one day get paid, surely ? Will that eventual payday also benefit retail holders, and how long will it take knowing that management would like to keep their jobs as long as possible. Perhaps post Covid19 crisis and hopefully higher oil prices, its back to the plan of divvies/buyback/cap returns ?
Ann: Presentation, page-35
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