The thing that worries me is the percentages or probability. They (NEN) were quiet happy with a 54% voter turnout. But it also means 46% didn't vote! A 3% turnaround would have seen the directors rolled. I guess it depends upon why the 46% did not bother to vote. Did they think the takeover had no chance so their vote would not matter? Are many of them disgruntled meaning they may now vote for new directors? How many of the 46% don't understand what is happening?
Of further interest is the fact that the Proportional takeover bid only had a 37% voter turnout (remember EVO could not vote so their 110k did not count). Not many compared to the Directors vote, obviously people are not happy. Thing is if the merger happens the board changes anyway to some degree.
I guess I wouldn't mind if these people had some direction that they wanted to take the company. I suppose if I had a 20% stake in NEN I would want some kind of say in matters, however it would not mean calling a meeting every 5 minutes. However if I did have a plan for future growth to add some value I would certainly be telling NEN.
They (EVO) may well be concerned that the $400 odd thousand they are currently down (they paid about 3.5c per share) could quickly become more if they fail this time. They could always sell....!
NEN Price at posting:
3.1¢ Sentiment: Hold Disclosure: Held
