The question to be asked of the board is whether this was the best proposal put to them amongst all of the "unsolicited offers". By keeping the placing to 15% of the issued shares they avoid having to go to the shareholders for approval - I wonder why? I guess if I was them I wouldn't want to face the barrage of questions from angry shareholders over this whole debacle.
So, were there any better offers that were subject to shareholder approval???
Monday will be a bloodbath. It is comforting to know that the iiNet board is so thoughtful as to create the opportunity for shareholders to realise a massive capital loss so close to the end of financial year.
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The question to be asked of the board is whether this was the...
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