Letter going out from the chairman...on the back foot IMO, and a subtle change in their wording to buy time and avoid a backlash at the AGM. Don't give them the opportunity to buy time...we all know the "experts report" will reflect the directors desired outcome.
Whilst the announcement is saying the same thing in essence, it is toned down by reversing the order. Yes, it is subtle, but shows that shareholder voices are starting to be heard.
Vote them out now IMO so that they get back to the negotiating table. As it currently stands they are just sitting on their hands and waiting for the "expert" to say it is reasonable...and we all know that you can drive a truck through the range put on most "expert reports"
NEW WORDING In the absence of a Superior Proposal but subject to an Independent Expert concluding that the Lend Lease Proposal is in the best interests of LLP Securityholders, the Independent Directors have unanimously recommended the Proposal.
OLD WORDING The Independent Directors of LLP unanimously recommend the Proposal in the absence of a superior proposal and subject to the Independent Expert concluding the Proposal is in the best interests of LLP Securityholders.
LLP Price at posting:
30.0¢ Sentiment: Hold Disclosure: Held
