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In my view BOO are between a rock and a hard place. They are near the limit for having to make a formal approach yet to add at recent/current prices would signal to the market they acknowledge the price - significantly beyond earlier, recent transactions - is fair and reasonable, not to mention still a bleeding steal. They are in a very tricky situation, in my view. (I should add, I'm currently sitting in the Brittany sun, outside my motorhome, after a few shandies). I don't consider the threat over, but they do need a kindly fairy on their side. Then, what fairy would bet against the trend?
If unrealistic then tell ECO. They claimed to have one major shortlisted (and in final negotiations) from a group of seven in the data room back in December. None of the seven actually moved on it despite the 'competition' and alleged quality of the licence. It would be great if someone came in, but seven majors apparently declined, which places a big question on viability.
Well if BOO gain control get ready for trash product. BH thinks there's the basis of a very good company in REVB and a lot of talent. A big market awaits in the States too. BH will ensure the right talent is employed to develop operations on all levels.
I believe the former directors will vote, and for Bob. They know what they did and that they created their own downfall - and will also recognise where their significant investment is in the safest hands. Sentiment is one thing, a lorra cash being at stake is something else. Cold reality will kick in.
Schwartz acted (as required by regulation) responsibly in the interests of the company, its shareholders and customers. No legal action will be advised at this time in my view given the imminent relisting which will provide an unequivocal judgement by interested parties on the situation. Bloody well done, that man.