Friday night, our time, Sylvania released 3 announcements to AIM (the UK exchange). Two were housekeeping statements following the agm, the third is an announcement of intent to delist from the ASX.
Holders of unsaleable parcels and those with holdings up to 5000 shares will be offered no cost buybacks from the company. The rest of us will be put into some, still to be worked out, holding structure that will let us sell (no use of the word 'buy') on AIM. Link follows, but should be on the ASX Tuesday.
I'm less than thrilled by this, notwithstanding the merit of allowing smallholders a no-cost sale option. Strangely, imo, UK holders on AIM aren't being offered the same deal. My main gripe is the board by telling holders 'this is the price you will sell at to help us save money' (30.5cps btw) implies better times aren't happening anytime soon. Does it mean the company foresees things so bad that every cent saved is critical? If so take the smallholders on AIM off the books too.
I'd been prepared to ride this one out in the hope I'd get my money back because I think SLP's business case makes for a much higher sp. Hope I'm given the chance.
SLP Price at posting:
30.5¢ Sentiment: None Disclosure: Held
