In the video at 35.52 they claim SLR needs around 50% of shareholders against GMD deal. Disagree. About 57% of shares are actually voted, so SBM should worry about the deal failing if SLR get support from 25% to 30% of shareholders, which could well get them over 50% of votes cast at a meeting. 18% is within spitting distance of 25% IMHO. Of course % voting might go up for the asset deal sale, but who is to say those activated shares would favour the GMD deal?
Not sure the timing of SLR going public is puzzling. If SBM were stonewalling with "assets not for sale" then the recent GMD deal, in which assets were for sale after all, would have been a trigger.
SBM board have form in favouring GMD rather than seeking best deal. They announced that if Hoover House fell over they would negotiate a processing deal with GMD, which was weird. Why not just say they were open to processing ore and invite offers. GMD could compete with anyone else.
SBM Price at posting:
69.8¢ Sentiment: None Disclosure: Not Held
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