Just got back as well......great summary Bello and I agree wholeheartedly with your assessment of FG - arrogant fcuk!!
A couple of extras taken from conversations after the AGM with RL and FG: - RL said he will "take on board" my criticism of the lack of transparancy and output to the investor community (to that I see no change happening) - FG admitted it would have been better to have left the significant ann from the AGM agenda to spare all the grief - 2-3 seats will be taken on the board by the equity partner but unclear if this is in addition to or at the cost of 1 or 2 existing positions - the investment/alliance is not hostile and all parties are working together
Assuming 2-3 seats on the board, I expect their stake would be 25-35% of SEN and this would be a significant extension on the initial 10% proposed initially. Just unclear how much of this will be in the announced deal (next week?) and how much will be bought on market below 55c in the interim (if that is still the final price they will be paying off-market).
If the board seats and the stakeholding is in the ball park, this would explain JD's absence today (stories of illness aside) - as his days would be numbered. I mean, I wouldn't put $50-100M+ into a company without choosing who I wanted at the helm!
So those who sold early this morning will regret their haste but I appreciate many had to get out at some time today to cover debt/reduce exposures.
For the rest, hang on for the good news which is yet to come.
Some thoughts: If stage 1 is the strategic investment/alliance with IKL, is Stage 2 a buyout of all stock? If so, at what price will shareholders be paid out and will the price be well below the true 2-3 year potential of SEN and hence would all minor shareholders interests be considered given that the major shareholders would probably still have a private stake in the new/privatised company to offset any shortfall in the price paid for their erxisting stock?
Anyone else with thoughts/intel on this possible scenario?
Cheers
SEN Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
