If, as some speculate and others assert, Savni is associated with Bhushan, their combined vote at the EGM will be almost unbeatable.
BWN has 81,682,000 shares on issue (after the last options conversion by Bhushan)
Bhushan has 18,158,000 shares (and they cannot convert any more of their options before August), giving them 22.23% of BWN
Savni has 10,042,000 shares in BWN or 12.29%. Savni also has 1,190,000 options which they are free to convert any time they wish by paying 20 cents per option. If they really are associated with Bhushan and if Bhusan is facing a hostile vote at the EGM, Savni might be tempted to convert their options to shares before the EGM. This would give them 11,232,000 votes at the meeting.
The combined Bhushan + Savni vote would therefore become 29,390,000 out of a new total 82,872,000 shares or 35.46% of BWN.
To win a vote at the EGM, Bhushan + Savni would need to pick up a further 12,046,000 votes out of the 53,482,000 shares held by other shareholders - or only 23% of the votes of other shareholders.
Even if Savni does not convert any options, I think the combined Bhushan Savni vote will be very hard to beat in any EGM.
BWN Price at posting:
10.0¢ Sentiment: Hold Disclosure: Held
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