I am afraid to say I sold out today at a small loss. I have a...

I am afraid to say I sold out today at a small loss.

I have a feeling that Evoworld's hostile bid is no good at all. Not only is it an opportunistic offer (hardly cash backing), but it also stops possible moves the current board would have wanted to pursue. It results in wasted efforts, and maybe lost opportunities for NEN.

My feeling is that Evoworld is likely to achieve its 30% target by purchasing shares at market (yes, they might now have my shares too). Once they are at that level, they will exert their power. They will then call for an EGM (since the one they called was not legally signed) and with support from many disgruntled shareholders attempt to bring the current board and management to a fall.

Should Evoworld lose the battle (which I don't think they will unfortunately), would they continue to hold and object anything NEN is doing? Or do the sell out and bring the shareprice down to where it was before (or even lower)? Again, not nice scenarios ...

There might be other possible scenarios out there, but in my opinion all would have the same effect. It does get messy and results in situation where "blood is shed and guts are flying around" (with reference to the Blood and Guts Pty - who but a butcher can possibly come up with such a name!!! That alone tells me that the bid smells).

For all the loyal holders, I wish you best of luck.