I interpret what Walliska is saying is that the big pro-FAS players that had committed to transferring their shares at the start of the takeover have had thier GWR shares converted 1 for 7. They now do not own GWR to the extent of thier commitment. Forget the 50% requirement.
That is not to say they have other holdings to retain voting rights - ie activation of options (which is Wally's/Icog's/$$$'s point.)
Given this, it is interesting that perhaps only 14% of shareholdings not directly aligned with the takeover bid made the switch.
Such a shame to the FAS crew who put this together - Could they not have had one drill result up thier sleeve when they put the bid together? I think a lot of the minor s/holders that converted were under the impression that there was always 'something else' - the trump card. The time has come and passed (twice now) for them to deliver.
Wall. As much as i would enjoy being one of the disciples (I always liked the thought of being called 'sir') I just cant bring myself to convert on the basis of 'trust us, we've got the goods'.
BTW, I sincerly hope there is no cash offer. Dumbest thing i ever heard - would you loan yourself money and then pay the bank the interest?
GWR Price at posting:
0.0¢ Sentiment: Hold Disclosure: Held
