George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
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very remanicent of McColls for me who raise cash from a rights issue & then went into admin around 6 months later.
Who would have put their money in at all if they thought the company was about to go bust?
What I will say to this end is that the Board were widely reported to have rejected the Sycamore big becuase it significantly undervalued the company.
A lesser bid was then successful 4 months later.
Should Sharesoc be contacted?
I quite agree.
*vote against it
Im still really surprised and skeptical that (according to the filing) Tosca have backed the deal considering their stake and average price. It just seems really fishy to me. Either as people have said they’ve had some sort of backhander or perhaps going to receive a stake in ABG. Looking at the history of Tosca they have always been loud and active during these types of situations. So it seems uncharacteristic. Also the deterioration of retail and the high inflationary environment was on the horizon throughout the first offers coming in, at a higher prices. The whole process has been a shambles and I think us PIs should do all that is possible in our insignificant powers to understand what the hell has happened and also vote against us. Individually we are nothing but if we can all agree as a collective then we have a voice.
Not a holder here but there is back hander white collar crime going on here... Rejected 150 odd then advise to accept 110?! The bod here should be shot.
Instead they walk away scott free!!
2. The Scheme will be conditional upon:
(i) (A) its approval by a majority in number representing not less than 75 per cent. in value of Scheme Shareholders (or each of the relevant classes thereof, if applicable) present and voting and entitled to vote, either in person or by proxy, at the Court Meeting (and at any separate class meeting which may be required and any adjournment thereof); and (B) the Court Meeting (and any separate class meeting which may be required and any adjournment thereof) being held on or before the 22nd day after the expected date of the Court Meeting to be set out in the Scheme Document in due course (or such later date (if any) as Bidco and Ted Baker may agree in writing, with the consent of the Panel and/or approval of the Court, if such consent and/or approval is required);
Let's all vote against the offer.
I don't think its viable. We would need to prove they acted dishonestly and for personal gain. Even if that's true there will be no real evidence and they will point to market condition etc. Now if you could sue for stupidity then we'd be laughing
If the key executives and major shareholder sell the company with 110p. That is definitely cheating the shareholder, we can make a joint effort and sue together.
Please reply who know the law. Just two months ago, they reject the offer.