When in Cloncurry for the 2013 AGM I was told by a director that the Chinese holders had voted against each other for having representation on the board, so the company wasn't worried about the Chinese being in cahoots.
It appears Focus Sun must have been too closely associated/friendly with New Asia and too far from OW.
Plus of course it reflects poorly on management for not shoring up the votes they wanted.
Thinking on what I posted earlier, if management did have a better offer in the wings, they would have simply pulled the resolutions and/or cancelled the meeting. So it caught management unawares. Very poor form for Chairman and CEO not being there with such a debacle emerging.
I initially was commenting about why such a good deal, ie $1.25/sh and 1 free option wasn't offered to long suffering shareholders, but I suspect OW and Sino would have voted against that.
Why was SB's post moderated? If he was there it is a first person account of what happened?
Ann: Trading Halt, page-16
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