whilst the option of liquidity is good for those that want it, I'm a little turned off by this.
- we haven't had a company update since FY 2023. they were previously very consistent with quarterly updates all through 21, 22, 23. what gives? - given the TGA action you'd think they would update their shareholders..? - given the expansion into the UK you'd think they would update their shareholders..? could be a huge catalyst for more growth. - given the track they were on (growing like crazy and winning the deloitte award 2 years running) you'd think they would update shareholders..?
most importantly, currently the major shareholder (the founders) own ~83%. if the full amount of shares are bought back via this offer, it will go to 93%. If they gain >90% of shares they can force a compulsory acquisition of our remaining shares ie force you to sell your shares to them. i don't like that at all! I was in this for the long term..
they have given no updated financials or any reasoning for how they arrived at $1.15 so it's hard to evaluate the offer. but given they are close to the 90% ownership threshold my guess is they are going great and want to take full control of the company.
