the.frackNot really sus, Sir Ron is trying to make as much money...

the.frack

Not really sus, Sir Ron is trying to make as much money from this as he can!

The position he is takeing is simple, use the companies cash to buy back as many shares as possible at a discount to what the shares are worth.

He will then potentially go after the unmarketable parcel's of shares (12,316 and below) which there were around 7,244 shareholders as at 28th September 12

If he gets to 90% he can take the whole company out at $0.042 which delivers him a profit of $1.3m

If he doesnt get the 90% he will try and squeeze the shareholders left or he will utiklise the cash and try and generate a return, focussing on the Oil & Gas area to utilise the tax losses!

The big ? is why would POSCO just let Sir Ron walk away with such a good deal unless this is the strategy that they have agreed to with the end game being Sir Ron comes back with a buyback offer that satisfies POSCO which he can afford to do based on cleaning up minor shareholders at a discount!