Silsol,
I agree - It is most likely they are a private investment company...and this is stated in the announcement as being part of a larger investment group - but all this needs to be disclosed to shareholders.
As it does not state who this larger 'group' is and leaves many questions to who these people/company are, it also begs the question of how much conflict of interest is involved this time around in this transaction.
Also, if shareholders cannot research and do their own due diligence how on earth can they approve such a transaction on their asset. Shareholders own the company, we all have to rememeber that!
I have no problems in voting for this transaction if the company can be more transparent and can prove to all shareholders why they should vote for this and the risks if they do not...at this stage it appears they have entered into a MOU type transaction and now have shareholders at ransom.
At this stage i would rather use what ever cash is left to pay for a thorough independent internal audit to really uncover the relationships and conflicts of interest that have been going on and appear to be still going on.
ADY have lost my faith at this stage - any company that tries to hide information has got something to hide in my opinion. But the problem is, i am a small shareholder and in comparison to the billions of shareholders there now are, the share dilution over the past lends its weight to a very diluted voting structure...especially since they sold tonnes of shares to institutional investors who are only in it for the short run and will most likely vote yes to make the tidy return and then dump them.
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