proposal to privatise brz, page-9

re: another corporate rort?
It sure smells like it.


Blundy floated 40 (?) million shares @ $1.50 ea. = $60m.

At a later date sold 9 million shares @ $2.30 ea. = $20.7m.

Total = $80.7m.

Now he wants to buy back those 49 (?) million shares @ $0.78 ea = $38.2m.

So if the proposal, as outlined, is successful, Blundy regains 100% of a bigger company & pockets $42.5m into the bargain - nice work Bretty boy!

As a private company, you can bet the poorly performing segments of the business will be divested quick smart.

I'm not & have never been a holder of BRZ but I can't help but think that shareholders are going to be well & truly stiffed if this goes ahead.

As someone else pointed out in this thread, Blundy will get his way no matter what - that is the consequences of investing in a company that has a shareholder with an overwhelming majority shareholding.