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You can be sure that Best and friends already have total control of any unlisted (and unregulated) company they intend to reverse into. But you are correct in saying that the only chance we have of recovering anything from this is to be united and vote 'NO'. Be very leery of any posters who suddenly start posting positive, rational and well structured arguments in favour of de-listing, they will be sponsored 'snakes in the grass'.
I would recommend a barrage of emails onto the person who gave out the original timescale. Fern, can you supply the email address of your contact?
Fernbank, for goodness sake take off your rose-tinted glasses, climb out of your cheer-leader's costume and throw away your pom-poms, your constantly wrong (and, dare I say it, misleading) pumps of this stock are getting very tiresome. "seeking legal advice", what does that even mean? how long does it take to find it? how long is a piece of string? Why can the BOD not even issue a simple "we will strongly oppose any motion to de-list" statement? If I had a large shareholding, I would be "seeking legal advice" on how to thwart any potential blind-siding from these proven, not to be trusted, officers of the company.
This is what I find most unsettling about these shenanigans; the company has yet to state publicly what their stand is on the de_listing. If they state that they oppose (and will continue to do so) that would be some relief but , if they secretly approve and do not inform their shareholders in a timely fashion, then they are in gross breach of their fiduciary duty and must be held accountable. I would exhort any/all persons calling/writing to the company regarding state of play to remind them of this and ask for a statement to be issued ASAP.
A very good question :"Who's to benefit?", the only ones who would, IMHO, would be the current principals. Certainly not the 7.7% holder who instigated the motion. Normally disgruntled or activist shareholders postulate for board shake-ups or board replacement, not for dissolution.
unvrkw, your point "De listing for a BOD is pretty straight forward and easily achievable.........." regarding only the shareholders' votes (and, presumably, their proxies) present at EGM counted, set off my paranoia alarm. Let's just imagine what would happen if the BOD put forward a motion to de-list: there would a huge shareholder backlash any every man-jack of them would make sure that their preferences would be well represented. Now lets just imagine that the BOD arranged for a supposed rogue minority shareholder to table the motion and a RNS is published stating surprise and some vague stuff about examining 'legalities', the EGM is held and the BOD votes for the motion; a large number of votes would not be represented as most PI's would be under the impression that the thing didn't have a snowball's chance in hell because the board was against it. I personally would sleep a whole lot easier if the BOD issued an unequivocal statement stating they strongly opposed (and would continue to do so) the motion. At the very least that would give some give basis for a lawsuit should they decide to shaft us. I don't think it is any coincidence that they have just recently removed themselves out of the realm of American regulators by de-listing from the US markets. The game is well and truly afoot.
I suspect that this initiative comes a 'BOD friendly' investor and is engineered so that the name change resolution will pass and the ridiculous de-listing one fail. And the purpose of this charade? So that the management do not appear to be taking all their ideas from BB postings. It is very unlikely, IMHO, that any genuine activist investor would appear out of th blue in this manner without some form of notice of intent.
One potentially negative aspect of this news, is that they might be about to pull some stunt in the new year that would have caused them regulatory compliance problems with the SEC. You see how owning this share can make one very cynical
As in The Times Saturday 10th May: Business Markets Egdon Resources is to issue 40 million shares to buy 10 licenses from Alkane Energy, another AIM-quoted shale explorer. In the deal Alkane takes 21 per cent of Egdon, whose prospective acreage doubles, and a seat at the boardroom table. Such a deal could be announced as early as next week.