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It's healthy to have a bit of competition for the two directorships at TMOR.
Whichever pair wants to be elected should have to make a compelling case as to why shareholders should vote for them at the forthcoming EGM.
Though if a pair of proposed replacements has an exciting track record, then that alone could excite the market.
And the incumbents may feel that they have to deliver something tangible ahead of the vote to fight off strong challengers, which could perhaps be why they have used stalling tactics to delay the EGM.
It could all potentially make for a nice win-win situation for TMOR's share price, whoever wins.
The incumbents will have an existing list of RTO candidates to choose from, from their work since TMOR listed, which can accelerate the process.
So they may well believe that they unveil something in time for a delayed EGM.
NZI (Net Zero Infrastructure) shows how the timetable for a replacement RTO can be accelerated after a previous RTO is aborted.
There was a period of just three and a half months between NZI returning from suspension following the abortion of its Taylor Construction Plant & Solar Highways RTO (14.2.23), and the unveiling of its LINE Hydrogen RTO, with accompanying resuspension (1.6.23).
The NZI s.p. also bounced 32% from its post-suspension low.
TMOR in comparison has already been back from suspension for two and a half months.
(Coincidentally desuspending on the same day that NZI resuspended, i.e. 1st. June.)
An RTO is simply an alternative way to float on the stock market, and some of the world's largest companies have come to market via this route.
Including WPP, current market cap. c. £8.076 billion:-
" ... WPP plc is a British multinational communications, advertising, public relations, technology, and commerce holding company headquartered in London, England. It was the world's largest advertising company, as of 2019.[4] WPP plc owns many companies, which include advertising, public relations, media, and market research networks such as AKQA, BCW, CMI Media Group, Essence Global, Finsbury, Grey, Hill+Knowlton Strategies, Mindshare, Ogilvy, Wavemaker, Wunderman Thompson, and VMLY&R. It is one of the "Big Four" agency companies, alongside Publicis, The Interpublic Group of Companies, and Omnicom Group.[5] WPP has a primary listing on the London Stock Exchange, and is a constituent of the FTSE 100 Index.[6]
On 14 April 2018, Martin Sorrell retired 33 years after founding the company. Roberto Quarta is chairman.[7] Mark Read is CEO.[8]
History
The company was founded as Wire and Plastic Products plc to manufacture wire shopping baskets in 1971. In 1985 Martin Sorrell and Preston Rabl,[9] searching for a listed company through which to build a worldwide marketing services company, bought a controlling stake.[10][11] ..."
https://en.wikipedia.org/wiki/WPP_plc
What are your thoughts here hedgehog do you think the current BOD are capable of striking a fair deal?
I can't see them stepping down but surely want this to work.
I think that they're capable of striking a fair deal, yes Barnard.
I think that with the revised Megasteel deal, Megasteel weren't willing to pay a share price for TMOR, and TMOR's board should not have pandered to their attempt to rip us off.
But if the board negotiate with a party who IS prepared to pay a fair price, then there's no reason why that can't be agreed.
Also remember that the board won't be paid until a deal completes, so they have no incentive to spin this out, but every incentive to complete a deal - but it has to be one that TMOR shareholders will approve (75% of the TMOR votes cast required):-
4th Mar 2022 7:00 am RNS First day of dealings
" ... No ongoing director salaries - The Company's directors will receive no salaries or consultancy fees; compensation will only be received by way of a success fee on the completion of an acquisition approved by shareholders. ..."
https://www.lse.co.uk/rns/TMOR/first-day-of-dealings-ksvo8psg7tcb0np.html
"From the ashes of disaster grow the roses of success": from TMOR's current sub-cash valuation, the right deal could give a very good return from this level.
" ... Megasteel weren't willing to pay a share price for TMOR ..."
Amendment:-
That should say a FAIR price for TMOR.
Cheers Hedgehog 👍