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0.6¢ buddy technologies ltd

I think your opinion is BS. The December quarter revenue was...

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retiredyoung

8,751 Posts.

782

27/07/22

09:12

Post #: 62745631
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Originally posted by DreadPirateRoberts: ↑

PFG won't be reinstating, it's pretty much game over for the shareholders. They will just say "oh we figure the company is worth X, that's what we are owed, so we are going to just take ownership of everything."

They foreclosed because they saw an opportunity to make money by screwing the shareholders. They could assume 100% ownership, run the company for a while and coast to profitability, and then sell at a profit down the road. Why else did they do what they did? There were no missed payments, buddy was doing everything they asked (such as hiring the guy that became the new CEO), and all indications were that it was a good relationship. They pulled a sneaky move and in the process completely wrecked any hope of a turn-around. The receivership scares away customers and partners, and only attracts vultures.

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I think your opinion is BS. The December quarter revenue was poor. A turnaround was a slim chance. PFG have done nothing wrong. BUD was at fault for breaching loan covenants/provisions. PFG have every right to exercise its rights and get their money back. Shareholders have been screwed but not by PFG.

The text below was from the prospectus released in March 2022.

BUD Price at posting: 0.6¢ Sentiment: None Disclosure: Held
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0 Great analysis

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