Well after the takeover they have a guaranteed 57.1% plus...

Well after the takeover they have a guaranteed 57.1% plus whoever else sells from retail. You would have to think there is a chance bell potter sells, as they now value the company at $1.80 according to their analyst reports after the trading update and they will not have any control with the board. Who knows what Rodney orrock will do with his shares You would imagine that if bell potter and Rodney orrock were going to be in on the sale they would have been included along with allegro and murray in the pre announcement.


current directors mr bou 69,444 shares, mr koeck 81018 shares, Stephen Heath 139,296 and Melinda Snowden 27,777 have all indicated they will not sell. Although for the second two this is probably to protect their non exec positions. The first two are associated with allegro and will be kicked off the board anyway and aren’t selling so that’s interesting. I would imagine most retail will hold, as the price is below fair value, they have now got blundy and itaoui in charge and they have bought pretty recently at higher prices.

if bell potter sell then Blundy et al shall have over 68% which leaves them pretty close to get to the 75% to potentially delist from the asx. By regs they can acquire 3% more every 6 months on the general market if they choose to, altho this would surely inflate the price if there aren’t many sellers.

They haven’t said if they would delist from asx for sure if they get to 75%. What are the possible implications of that for regular shareholders if it did happen in the future?