Really?! I didnt read it that way - think that was the most misleading and horrific thing I've ever seen. First, the fact that they had to do that webinar in the first place shows that theyre unsure of the voter turn out and the deal in general and had to justify it, maybe even to themselves! If they had the votes they wouldn't of done it ... using words like "overwhelming support" versus "majority support" are vastly different ... and misleading!
But the most telling about this deal, and the misalignment of the Tiger deal is why on earth would the LCL Board sign an exclusive option agreement for a second time (when last time shareholders turned it down at over 84% - on basically the same deal of AUD$1m upfront as an option) as a continued option if shareholders vote it down again. This was not in any AGM docs ... so they just made this one up to try to box in shareholders. I will make a complaint as everyone else should as well to the ASX.
This Board needs to resign, or be forced to for not looking out for shareholders. Vote No on this deal, and remove the fishy board members from the equation. I'm sure Visby would be happy to put their funds of $7.5m into escrow and absorb any deal break expenses if given the opportunity. Better than riding this train to no where, the only ones who win are the LCL Board here if this is voted as a yes. VOTE NO!
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