I guess the best result for Pointon, is if the company were to remain listed he may remain as a Director, of course he will not be holding any direct shareholding (or any interest at all, if the holders' of his indirect holdings take up the offer). Of course, if it were to remain listed, there may be a possiblity of him being issued un-litsed options down the track. Note Minor have gone on record as saying the following, in April:-
"If the Offer proceeds and Minor International is successful in acquiring control of Oaks, Minor International intends to conduct a comprehensive search and selection process to find an appropriate CEO for Oaks. Because of the critical nature of this leadership position, Minor International would expect to make this a priority following completion of the Offer". Do you think that they may have a few candidates lying around? I also understand that a number of high profile hospitality people had been approached before and declined given the status of the company.
Minor have also gone on record as saying that while they supported all of the resolutions being put forward at the now cancelled EGM that they did not support the re-appointment of Pointon as CEO. I guess they are probably unimpressed with actions and performance of the Board and some of the higher profile individuals in this circus. I can say the only thing that Pointon gets out of this is that the Chairman did not get achieve his agenda.
If in due course the company is de-listed and consolidated into Minor's general hospitality business, Pointon may not stay on as a director. They did however, state that he may be used as a consultant. Overall not such a great result for Pointon.
OAK Price at posting:
52.0¢ Sentiment: Hold Disclosure: Not Held
