Hi Bob, when looking at the T.O.Panels media release I doubt there will be a review. It is not really an appeal as such but more ABU asking the panel to review there finding and to consider if they got it wrong.
I feel the panel may take a dim view of this request and what it may imply about their conclusions. Quote " A review Panel has not been appointed at this stage and no decision has been made whether to conduct proceedings. The Panel makes no comment on the merits of the application."
I'm sure most of the members here are now aware of some of the consequences that were evident if the RI and PRc as underwriters takes place. The TO panel will have gone into it at great depth before they made their decision and I cannot imagine it will now be reversed.
On a side note I would like to add a comment about APAC, they bought the TAM investment and paid top dollar for it at a time when ABU would have been in dire straits if Tam had started selling on market to recoup the cash they were in need of at the time. It is normal practice with an investor of this size to have a director in place enter A. Ferguson. at no time since APAC came on board have I seen any kind of pressure or manipulation by them. The requests they recently made to remove the said directors and to get the TO panel involved went down like a lead balloon here. It now seems that many members on this site are now coming to the same conclusion that like us they were only trying to protect their investment from a PRC under the counter job. So well done APAC for stopping the rot, maybe they have an hidden agenda further down the line but for the present us small SH should be glad for the added clout they bring.
The real downward spiral seems to have started with PRC's involvement, makes me wonder if the situation is really as bad as it seems and if a turn around would be forthcoming a lot quicker without them pulling the strings. Yes we need a fund raiser but Pattersons have always seen it right in the past, we don't need to hock all the assets to PRC to get the cash we need.
It will be interesting to see what path PRC are likely to take in future now their dirty linen as been aired, what do they do with their investment if they are unable to get full control of ABU ? all just my opinion of course.
I
ABU Price at posting:
4.3¢ Sentiment: None Disclosure: Held
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