Wow, was not expecting that. Talk about a Reverse*roger*corp!I...

Wow, was not expecting that. Talk about a Reverse*roger*corp!

I assume I have read correctly:

In effect, we "Sandon" are incapable of finding a use for your shell (worth about $500k) and Franking credits (worth about $3.2m) so we are going to take them off your hands by cancelling your shares and allowing you to claim a tax loss.

They will walk away with $4m leaving the shareholders with nothing.

They then plan to "raise additional capital from wholesale and sophisticated investors only" who will in the fullness of time benefit from the franking credits that they have, as Activist Investors, taken from the former shareholders.

Personally I will be voting no and for the company to be put into administration.

I have been screwed by the best in the business over the years but this is beneath a Russian oligarch.

Of course they have the numbers and you @boomshares were right in your reading of the situation all along.