I would really appreciate hearing others’ views on the sell or hold question that we are now confronted with. Would anyone care to share their perceived view of the risks involved by continuing to hold should Gandel Metals acquire more than 50% (and hence greater control, and a takeover by creep), but less than the 90% needed for a compulsory takeover at 14cents.
We have the target statement now. The whole 200 plus pages of it. And Steve’s and Tony’s recommendation that shareholders accept the offer .. « in the absence of a better offer ». That’s pretty standard, isn’t it?
Long term shareholders also have haunting them that alleged statement by the chairman at a long ago AGM. I can’t verify the statement as I wasn’t there. But the thought that it may have been said, or even that we could believe that it was said by the chairman and major shareholder, is scary in itself .. The remark was along the lines .. « I can be shareholders best friend, or their worst enemy. » . My apologies Ian if you did not say it. But how friendly or hostile will you be to shareholders when you have more than 50%.
The other 2 directors have declared that they will sell .. « in the absence of .. »... But Steve acquiring 1 million shares on Aug 30? What is the significance of that? Can anyone enlighten me please? Options? .. Ring Bob? ... But he works for Gandel Metals too. .. What an ironie!
Mr top5 % ? Dsm0? Moimoi? Anyone?
I hold shares in Sandon Capital, but they obviously cannot give personal advice. I do not know what their intentions are but as moimoi said the major shareholders may well have been canvassed already, prior to the offer.
I know it’s a lonely, personal decision that one has to make alone, and in a vacuum, but hearing others’ genuine views does help us better calculate the risks inherent in holding.
(ps - personal disclosure - we own > 1 m AGS but I have never met or spoken to any director, thus have never needed to be sycophantic).
AGS Price at posting:
14.0¢ Sentiment: None Disclosure: Held
