Another friend of mine (who had not yet voted) received a call from ESG. The woman on the phone asked my friend how he would be voting. He said he would be voting NO. She acted surprised, as those he must be in the minority and she had never spoken to a shareholder who was voting NO. She also asked whether he would like to speak to one of the managers to discuss the matter further. He declined.
And you what continues to make me wonder? ... how BAD ESG is at selling this Scheme to their own shareholders. If ESG believe this deal really is the best (and only) way forward, as they claim, then ESG can't even seem to effectively sell it to their own shareholders! A few bland letters from the Chairman are hardly sufficient to get the deal across the line from an ESG perspective.
When I spoke to Ian Kirkham on the phone, I said to him:
"Ian, there are lots and lots of unhappy shareholders out there - how do you guys plan to get this thing across the line? Because if you really DO need this deal, you are doing a pretty poor job of selling it." Or words to that effect.
Well, one could be be mistaken for thinking that ESG don't mind if the Scheme falls over. Because the selling of the Scheme as the best way forward has been inept. They tell people HOW to vote but they don't try to urge people why they should vote YES. All they seem to do is rub salt into the wound and firm the resolve of shareholders to vote NO. Either ESG is inept, or they are not truly committed to the Scheme. But having to do a ring around at the 11th hour reeks of desperation.
ESG remains a mystery to the end. It seems ESG cannot even give themselves away to Santos in a professional manner! It is bizarre if you think about it.
Yaq
ESG Price at posting:
85.0¢ Sentiment: None Disclosure: Held
