Hi Pete I agree 100% with your comments and believe APAC are just trying to protect what they have from the clutches of PRC. I have seen no evidence to indicate that APAC are trying to gain control. There would be a lot more action taking place if they were, in fact Paddyboys main accusation seems to be that they have simply done nothing to make any kind of grab for the company. It is not for APAC to make the decisions for ABU they like us are shareholders and use there vote accordingly.
On the other hand the PRC saga gives them 15% interest on any loans made, (you can see where that is going) with security over the assets (grab). The main elephant in the room is that they would be the underwriters of the RI and pick up any shortfall of shares, this is where the shareholding numbers get interesting and the final nail is put in the coffin.
The fact that APAC pushed this into the hands of the Takeover Panel and the panel have now taken the action they have, should be enough to show the PRC deal was not acceptable or considered to be in shareholder interest. The fact that BL tried to get it reviewed should give us some idea to who is pulling his strings.
I believe that APAC although maybe not the good guy's certainly the better guy's out the two. I am also sure that when this is all sorted fund raising via another independent underwriter will be easily obtained.
ABU Price at posting:
4.2¢ Sentiment: None Disclosure: Held
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