New Directors are just the start, page-5

I think CVC paid 33c for a 10 million shares sold by Australian National University (I think - but don't hold me to it) but the balance was probably bought at higher prices. I am not convinced that CVC and Freedman are necessarily "happy" with the new appointments but probably realise that they will look pretty stupid if they do call the EGM and then lose the vote - which they would. I suspect that they are still peeved that they were neutered by good governance and due process. BNO should be commended for the high level of professionalism and the very careful process of including a panel of major shareholders on the selection committee. I believe that CVC and Freedman were invited to join that committee but they declined and thus lost any opportunity to provide direct input to the selection process. All shareholders will be happy to see them leave the register as the uncertainty that they generate is unhelpful to the company, the board and all other shareholders. Perhaps the catalyst for a re-rate will be a "No longer a substantial shareholder" notice? It can't happen soon enough for this shareholder! Go BNO !!!