I have my doubts about Oceanic too. They want control of ARD with less than 10% of the shares. The other major shareholders are the people who matter and they may well have been convinced. That the 2 directors being removed have not mounted a public defence suggests this is a done deal. Existing board is vunerable due to flat share performance and a general silent lethargy from the company. If there had been performance then this takeover would not be happening.
Oceanic being major holders have every right to demand performance. I have gone with the devil I dont know since I am unimpressed by the devil I do know.
We will see if new projects get bought in and what projects are dropped.
GLTAH
We need it.
ARD Price at posting:
2.9¢ Sentiment: None Disclosure: Held
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