Yeah grant62's post said it all really. Colin Marland at his least subtle with this announcement.
Costs are down, revenue is on track, yet profit downgrade for SWT, not PTL?
So SWT bears the costs of merger and us SWT holders pay the price through the forgone profit of SWT big expansion to pay for the merger of Colin Marlands company which we got no chance to vote on?
Colin Marland's PTL revenue and profit stay on track, so his stake in SWT is protected. Its all about ensuring Colin MArland and co get the biggest slice of SWT as possible. It seems something is wrong with this picture. ie SWT is being bled by PTL pre merger. It is clever, its legal, unfortunately we are on the wrong end of the stick.
The private companies shareholders are now the management of SWT. They gain (pre-merger) if SWT price does not run. It is the reverse of how a public company is supposed to be managed, ie for the benefit of shareholders. At least pre-merger.
I still think its a buy, post merger it will be allowed to run. But we would all have been a lot better off if SWT stayed as SWT in my opinion. SWT would be profitable as the expansion was paid for last year, SWT continues to grow strongly. Yet now SWT foot the bill for the merger with Colin Marland's company so that he can benefit. To paraphrase rich from survivor " We been bamboozled!".
