This is just
disgraceful - "sources" discussing how the votes are going before the meeting.
Below is from from the latest SMH article.
"Sources briefed on the votes submitted over the weekend who spoke on the condition of anonymity said the Board is expecting scheme A - which values the company's shares at $3 - could be approved based on the number of votes already in favour of the deal. The sources said dissident shareholder Mittleman, which owns more than 15 per cent of the company, has used some of its shares to vote against the $3 per share offer but is expected to decide on what to do with its remaining shares at the scheme meeting on Monday."The Aussie media flatly refuses to do even the simplest investigation here. Scheme A is all up to Chris Mittleman. Prompting the media to "report" that "Scheme A could be approved based on the number of votes already in favour" is absolute garbage. Disingenuous and entirely inaccurate.
Scheme B requires Mittleman to vote it up, or an awful lot of "the rest of us" to do so.
If holders want to come out and announce their own voting intention, or their own actual votes, all well and good. But how dare "sources" from the company disclose other people's votes before the meeting to try and influence the outcome.
The whole thing is a shocking joke. I hope Chris Mittleman sues the pants off the lot of them.
Back in 2003 this very same company had a takeover squashed, with the court ruling VRC holders were not entitled to vote. You can read about it on this link and trust me, watch this space.
A tale of action, suspense and drama: Village Roadshow’s buy-back scheme - Law Institute of Victoria (liv.asn.au)
(20min delay)