i've had flick through the docs received today. i suspect...

i've had flick through the docs received today. i suspect english's shares represent a blocking vote to the scheme so he was able to negotiate a separate deal. given he is the chair there seems on the face of it to be a conflict. the comms suggest the board investigated a public offering but it has 'not proved feasible'. I don't' recall any comms from the coy seeking shareholder interest in a SPP. I wonder what 'feasible' means to them. I hope it doesn't translate as 'it was too late because we went down the private equity path' or 'the coy operations are so bad that we didn't believe anyone would put more in'. my main issue with how this has played out is english has not had to put any more funds in and has not been diluted. its hard not to think he pushed the process down this path before the board was split to avoid having to put his hand in his pocket with the view he would keep his share in the coy. philanthropy aside the average shareholder has been treated with unforgiveable contempt. we should recall the amount of cash this business was throwing off before the banks restricted access to funds. in no time at all they will be doing that again and the only current holder that will benefit in the future is our chair. unbelievable.
not held anymore as re Gogetta IMO the $10m buffer plus the loose rules (they can allocate just about any costs they want including gen mgr bonuses!!! to gogetta) around calculation of value of the notes means holders shouldn't expect a Christmas bonus from this one.
Turning this one into an education piece for my kids.
GLTAH except our chair who clearly doesn't need luck.