They aren't paying any dividend at all, keeping all of the $57m in our taxes for themselves in their new jobs. Keeps their new bosses happy, which is far more important to them than loyal, patient shareholders. They most likely had a conversation with Thiess when the NWH proposal came in.
MACA Directors: "we want to keep you guys happy and all, but we're starting to look even stupider than usual by recommending a $1.025 offer vs a $1.08 offer, can you do anything to help us out"
Thiess: "Ok, we'll increase the offer to $1.075, but you have to keep all the franking credits for us"
MACA Directors: "Sweet, all we have to do is go AWOL and hide behind the "shareholder information line" until you get your 50% and we can screw our shareholders out of a dividend"
There's nothing shareholders can do now except perhaps register a small protest.
For the cost of brokerage, you can sell your shares online for $1.075 and get the funds in T+2 rather than waiting 2 weeks. By selling your shares instead of accepting the Thiess offer, you can hold onto a few instead of selling them all. Keep 100 shares as a form of protest - it will irritate Thiess which will have to keep sending you shareholder communications, and serve as a reminder to our Directors about the poor job they did in representing shareholders.
MLD Price at posting:
$1.08 Sentiment: None Disclosure: Held
