The descent into hell, page-26

First 26 Last

Share
Profile

Follow
Ongrudy

22 Posts.

1

27/11/19

09:30

Post #: 41652709
Share

Originally posted by Ozapp: ↑

It all comes down to money and numbers.

There are about 3200 Battery Minerals Shareholders. To do a mailout would cost about $8,000 to $10,000 each time. It would take at least 4 probably more mailouts. So say $40,000 to get a group together with a plan. A plan sounds simple but to get people who are stranges to agree on even simple things is from my experience like hearding cats.

I have had no experience with a board spill, few people who are small investors have. My nephew Xman did attempt this. Xman told me the legal costs and the cost of flying around the country most weekends on his days off to talk with and run meetings with fellow shareholders was as you would expect very expensive. In the end it was futile, the campany ( a tech company ) went broke. He told me it cost him a lot of money but he gained a lot of experience.

Over the past 4 or 5 months I have been in communication with many people who have either past or present relationships with BAT either by phone or email. These people were in the U.S, Europe, Africa and Australia. All were at senior management level with most being directors of mining or exploration companies.

What did I learn? Board spills are very expensive beasts for the shareholders who call them. You have to pay for all the cost of calling the meeting including BAT's multiple mail outs to shareholders, the travel expenses of the BAT Board and their legal representation's expenses as well as the rent of the hall or function room. Plus your own legal representation's expenses.
No one can give an accurate potential cost but between $100,000 and $200,000 seems to be the range.

Thats the money side now the numbers. The top 50 BAT Shareholders combined own about. 47% of BAT. The top 300 BAT Shareholders combined own about 63% with the remaining 3000 or so BAT Shareholders holding 37%.

I have been told that the Board has the support of a group of shareholders who together hold 45% of BAT Shares.

To oust a Director you need 50% + 1 of shareholders voted. A lot of BAT Shareholders have given up on BAT and wouldn't even bother voting, the BAT Chairman would pick up these proxy votes and vote against any spill attempt.

Who is going to put up that sort of money when the odds of winning are so very slim?

Expand

Thank you for the update.
Looks like we can only watch from here.

BAT Price at posting: 0.6¢ Sentiment: Hold Disclosure: Held
2 Upvote

0 Great analysis

Reply

Top Stories

MRC

Mineral Commodities to shut down Tormin mineral sands project as oil spill contaminates beach

KOB

Koba, formerly a cobalt player, gears up to become newest explorer in the uranium state: South Australia

MGU

New results confirm Buena Vista's iron grades potential

Trimmed CPI figure provokes market jump of 1%, but inflation pressures remain a reality

1CG

One Click Group jumps 4% after ending quarter with $2.4M in cash; $1M in revenue and 150K+ users on board

First 26 Last

Add WTM (ASX) to my watchlist

(20min delay)
Last 30.5¢		Change 0.015(5.17%)		Mkt cap ! $52.20M

Open	High	Low	Value	Volume
29.5¢	30.5¢	28.5¢	$137.1K	468.0K

Buyers (Bids)

No.	Vol.	Price($)
2	35122	28.5¢

Sellers (Offers)

Price($)	Vol.	No.
30.0¢	25000	1

View Market Depth

No.	Vol.	Price($)
2	35122	0.285
4	52788	0.280
2	39870	0.275
4	96741	0.270
4	155062	0.265

Price($)	Vol.	No.
0.300	25000	1
0.310	35642	1
0.315	33993	2
0.320	68500	3
0.325	50000	1

Last trade - 15.59pm 31/07/2024 (20 minute delay)

WTM (ASX) Chart

The descent into hell, page-26

Mineral Commodities to shut down Tormin mineral sands project as oil spill contaminates beach

Koba, formerly a cobalt player, gears up to become newest explorer in the uranium state: South Australia

New results confirm Buena Vista's iron grades potential

Trimmed CPI figure provokes market jump of 1%, but inflation pressures remain a reality

One Click Group jumps 4% after ending quarter with $2.4M in cash; $1M in revenue and 150K+ users on board

Featured News

Buyers (Bids)

Sellers (Offers)

Featured News

The descent into hell, page-26

Top Stories

Mineral Commodities to shut down Tormin mineral sands project as oil spill contaminates beach

Koba, formerly a cobalt player, gears up to become newest explorer in the uranium state: South Australia

New results confirm Buena Vista's iron grades potential

Trimmed CPI figure provokes market jump of 1%, but inflation pressures remain a reality

One Click Group jumps 4% after ending quarter with $2.4M in cash; $1M in revenue and 150K+ users on board

Featured News

Buyers (Bids)

Sellers (Offers)

Featured News