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What is the realistic chance on a counter offer and also how long normally until the set price is finalised and the share suspended to getting cash to the shareholders? Also I can not see many people investing in a company run by John Wardle or Giles again - there reputation has been destroyed after this, hasn't it?
Essentially - Yes, out at any price but happy to take more if on offer.
Allegedly:
If you're new you probably didn't read my post on Jeremy Coller after we learned he controls Mickinoko. ethical guy and very astute/well connected. I suggest, not the type of guy even GC wants to lock horns with.
He has lead a huge, powerful, grouping of multi-nationals investors in a quest to push for responsible agricultural (in particular) investment, and it IMO will not look for him giving speeches extoling the virtues of ethical investment and also owning an interest in an oil company allegedly encroaching on important Amazon territory.
Join - the - Dots for yourself - it's not hard to imagine him delivering an ultimatum to GC
https://en.wikipedia.org/wiki/Jeremy_Coller
Think I said the same last Christmas. JTD I agree with your analysis the timing of this sale at this level makes no real logical sense when the next steps of exploration all fully funded and much a carry could have given us 3x the value or more. Some II might be on both sides of the deal so a change in ownership to a more competent management team who has been accelerating production and exploration makes sense
JTD,
So in your opinion Michinoko want out, agreed, but at the expense of any SP reward? Would they be involved in wanting a better price? Have they got an interest in just this current offer, ONLY?
Eric - All below are qualified as alleged for obvious reasons:
Before the last AGM there was an article in the times suggesting Michinoko were going to vote against GC, that changed and presumably they backed. Many of us at the time thought GC had had to do a deal with Michinoko . The context to this was years of another anchor investor Rex Harbour falling out and dripping shares to the market for years, do not for one minute underestimate the importance of reputation and pride to GC, a second achor shareholder revolting would be acutely embarassing.
I believe he and the other 2 directors who are in truth controlling everything had maybe were no choice but agreed to sell up or face shares being dumped over a protracted period again.
Ask yourself this - does the BoD give any indication they were or are happy with this outcome. IMO, they don't want this but have no choice as they will challenged by Michinoko and maybe a few other II's if they don't "Get Sell-out Done".
That's the way I see this - we are accommodating a subset of shareholders at the expense of everyone else.
I don’t doubt any of that, but I fail to see what they have to gain. Clearly? the bigger prize goes elsewhere and they get remuneration in some other way. I know I’m naive in these areas But FFS it didn’t seem too difficult to get to £1 by next Xmas!
Eric - they gave potential bidders their marching orders and delivered a poor deal - surely unforgivable.
- Mislead potential investors and shareholders on what were reasonable expectations, the review process should surely warrant a report and recommendations, why no continue options? - IMO because we are accommodating Michinoko and a few others.
- They left the company vulnerable in the first place by failing miserably operationally
- They were allegedly self-serving and greedy - well documented feud with Rex H on this trashed the SP.
- They failed to use the money they raised for boosting performance to boost performance - it's still sitting in the bank.
- They never appeared try to change a failing strategy over many years and constantly promised and failed in their own low-bar targets
- No evidence of them pressuring ONGC to drill the promised wells in CPO-5, I recognised this and advocated this weeks ago and suggested they even if necessary go into dispute - the Indian government once aware of this would have roasted the ONGC BoD - slow progress is a hot topic in India. Our BoD appear to have stopped trying and not kept us updated. According to last updates we're still drilling up to 6 wells this year.
IMO we have multiply reasons to be angry, it is an awful kick in the teeth to accommodate a small proportion of shareholders, why did the BoD never accept any responsibility for failings and allow a can-do boss to take control and not one of them has had the honour to fall on their sword and resign at any stage.
Apart from pi55ing every single investor off (maybe not all) what have they done wrong in this process?
Is it that we value it higher than anyone else?
This will end up in court !!!