It is perhaps disappointing that HHY/KBC did not put on the public record at the meeting that they would like the company unwound if a YES vote were to be successful. They have probably done so in private but imo they should have said so at the meeting today. I highly doubt they invested in the company so that the company can blow the money on some asset in XYZ country. The only thing the company committed to was an on-market buyback for up to 10% of the company and a clean up of unmarketables.
Other points from the meeting, although it was mainly a bore:
- Chairman will now step down once funds are received, with Mr Short replacing him as chairman
- Questions about whether the retirement/re-election of Mr Short breaches the company's constitution
- They read Hotcopper. Hello.
- Questions were raised whether the company misled investors when they said they were issued a production license (17 Sep 2012 announcement)
- A few people mentioned that the board were talking the company down
- Apparently they did run a sale process and found no willing buyers.
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(20min delay)