Another one who benefited from the takeover of WPG in Ocotber 201 was Deutsche Bank; that it is known had a large loan outstanding to WPG of around A$120 million.
And we all know if Arrium did not buy WPG, WPG would have gone bust within 3 years and Deutsche Bank would have lost a lot of their money if not all of it.
Rather smelly that when KM tapped someone to do the IPO or sell off of Molycop it was good old Deutsche Bank.
Wonder what their fees are for this?
Haven't they already benefited enough at the expense of Arrium shareholders? They would have lost A$120 million if Arrium did not buy WPG - stupid dumbass directors on the board of Arrium.
If we get wiped out and get nothing back, we will all be joining a class action lawsuit to hold these cretins accountable for disgraceful mismanagement - and all under Napoleonic Chairman Peter Smedley's 14 year reign supervising strategic decisions.
For a guy who got rid of poor performing managers at Shell, Colonial and Mayne, the Arrium shareholders may well get answers from this cockhead in Court.
In particular the lack of disclosure in the A$754 million rights issue in October 2014 - no mention in the prospectus of what the ongoing closure costs would be if Southern Iron (SI) had to be closed (which it was only 3 months later).
And if the independent directors were doing their job, why did they not do what the directors of Mayne did when Smedley was destroying shareholder value due to his terrible strategy of managing private hospitals - they sacked Smedley as CEO and told him to piss off.
He should have been removed long before he left on his own terms and only 9 months before it went into VA.
