No, not Chair. It's a "Deputy Chair" position and further it's Non Executive. Coming from a MD position it sounds like a liver treat for a labrador that's finished two dinners. It's a gravy train position no less.
Had time today to reconsider my initial displeasure (and shock) at the deal and its onerous terms in trapping SPR shareholders with the secondary off market offer that will be put in place should the Scheme fail. It's tantamount to putting a gun to SPR shareholders heads. If the deal was so good ("transformational" they say) for SPR holders, they'd embrace the Scheme. There would be no need for the back-up offer. It is in effect a railroading mechanism. I was unhappy this morning, now I'm angry.
The one good thing is that the deal so undervalues SPR I suspect RMS's low ball offer may well entice outside offers despite the 19.9% stake they hold. My intention is to hold for the possibility of a rival offer(s). Should that not eventuate, SPR under these terms no longer holds the comparative value of at least one other gold play on offer I hold and to which my SPR proceeds would be in large part transferred
SPR Price at posting:
$1.75 Sentiment: Hold Disclosure: Held
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