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The current BOD have just not ben dynamic enough. Its 10 months on Friday and we still don't know if and when the suspension will be lifted. 10 months.... how??? They got too comfortable with there salaries and probably too confidant, which showed in there proposed allocation of shares to themselves.
They woke up last week when Boo dropped an RNS, but its back to sleep again for now!
Morning All
I wonder what today will bring, if anything at all!
I suspect that the focus for the BOD of REVB is now self preservation and the free shares that they probably wont be getting.
I, like most of us have mixed views of all of this. Sometimes I think Boohoo are trying to grab REVB on the cheap, then other times I just wonder if they are as sick as us lot on the delay and are trying to get things moving. I'm sure that the proposed share allocation to the BOD members probably was the final straw for Boohoo and possibly the Founding Directors, after all, and as far as I know, both Holt and Lake do not have a single penny invested in this share, yet they are the ones that are responsible for the company, and the current situation, being the ongoing suspension.
My own views are that the BOD will be trying to buy time and will not be in a rush to get this share suspension lifted, after all its not their priority at the moment.
The priority being survival for them!
DRD 21, a hostile takeover! Did you not see the RNS from Boohoo? If they have convinced the Founding Directors to side with them, then they will have more than 50% of the vote. As per there RNS they will remove the existing BOD, put there own puppets in and then they can practically do whatever they want. The last thing they are intending to do is pay fair value for the shares in the company!
On a purely financial basis, I am failing to see how Minto, Allsworth and even Moulding would benefit from siding with Boohoo. Surely there holding is worth more as it stands? What can Boohoo offer them that is greater than what they already have? None of the above three along with Boohoo have a track record of making money. Yes, they can generate turnover, but their Companies dont make money.
I guess BH is trying to convince the two founder shareholders that there is more value in staying independent than being part of boohoo. I have to say that if I was Minto or Allsworth, despite any bad blood, I would be tempted to support BH and the existing board. The figures are good and the future is bright, the big downfall being that we are still suspended!!
Bob and Co are just to slow at getting things done and now they have been caught with their pants down!This should have come out of suspensions some months back. We probably could have all done OK out of it, now its a complete gamble.
The best thing that can happen in the short term is that the share comes out of suspension. Let it find its own level to start with. I expect both camps will be looking to accumulate more shares, although possible less so on the part of Boohoo. I suspect that they think that they have enough already to force this through.
The RNS this morning from REVB made good reading and I think most pi's agree with the contents.
However BH has had more than long enough to get this back trading, and push has now come to shove.
So Bob, in the first instance, delay the AGM by as long as possible and get this out of Suspension ASAP.
Who knows what will come out of the woodwork after that.
I am sure that there are other parties that are also interested in REVB.
Hosai, that might be the case, but the current REVB board is just to slow at getting things done. look at us, we are still suspended after 10 months!!! The priority should always have been to get the accounts completed ASAP and get this share trading again. There is no urgency.
I think the writing is on the wall. Boohoo are going to get the company for buttons. BH and Lake have been far to slow at getting matters concluded and the shares back trading. They will be removed from their positions and will not get their free shares that they were proposing to award to themselves.
Boohoo will have thought through all of the options and will have spoken to the REVB founders to get them on side. Boohoo are on the offensive and I dont think Bob and Co will have the fight to beat them.