michael pascoe article, page-2

To me Michael Pascoe sounds like he has a serious axe to grind with BNB.
- To me the 30% buyback is a huge sharholder positive announcement, he says you don't sell your valuable assets to prove their worth, well you can if your shareprice is in the toilet, it is an arbitrage (Net Assets/share of $1.46 / share price of 83c) . Sell some of your assets and buyback shares trading at a massive discount, reducing issued capital and increasing shareholder wealth.... hmm sounds ok to me...it shows we have assets that can get attractive bids in the current crisis...
- Also one of the big issues the company does have at the moment is the BNB overhang... well how about we buy it off them (mission accomplished).
- Also we paid BNB 180m in management fees last year, well as stated at the AGM, we are no longer obliged to use them for financial advisory, we have an independant chairman as well as fees having been reduced with additional performance hurdles.

So although what Pascoe is saying looks alarmist, it actually appears to be pretty innaccurate as well...