On the 16th October the board formally advised to reject the “opportunistic bid” of 2.8c, with 6 headline reasons why the bid was unacceptable. Less than 2 weeks later, with a modest 18% offer uplift the chairman now claims this is a good deal for shareholders, conveniently ignoring the arguments put to us 2 weeks ago. The reasons in today’s announcement supporting the bid looked like they may have been copied from the ibaera document by the work experience kid, or daily mail reporter.
Us mug shareholders are paying the way of the board, and their “adviser”, azure capital, and this is the best they can do to represent us in an unsolicited take over offer....how about a transparent representation on what they see the project is worth today, for starters.
I hope there are enough shareholders who hold firm, as from my perspective the change in tune and support wording over a small uplift, does not pass my smell test.
AZM Price at posting:
3.3¢ Sentiment: Hold Disclosure: Held
