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Daramuda Your response to my teasing/daft post was first class and I take my hat off to you. When one gets bad news one can react with anger or humour/sarcasm . I try to go with humour because otherwise I would walk about being an angry man. My apologies if it came over too strong. I try to go through life with 'C'est la vie' as my motto. Like many many posters here I have bought at 10p. 30p, 60p etc etc over the past 5 Years and (being totally honest) my average is just above the offer price. So ye I'm going to take a loss which is maybe why I am so irked. I anticipated my return, when sold, being six figures but that's not going to happen. A Stitch up from an AIM listed Company? of course it is. Sadly I don't have the funds to finance either of your suggestions on my own but would be more than happy to contribute to such an action. With a good Firm of Corporate Solicitors would we win? Of course we would As I said in my last post we all (including JP Morgan and M&G) can do nothing about it unless we take legal action. If either of them thought that was an option I guess they would do that.....which they haven't. BTW Obviously Not sure who Gib's contacts in the City are but as I said the other night - the definition of irrevocable is irrevocable so for him to suggest that there is a small glimmer of hope is utter nonsense. My apologies if I offended you the other night. Anger or humour.....we all can choose.
In your post you reckon they have to sell for 3 reasons (all of which are reasonable) and then you quote 4 reasons. Hmmm. That doesn't add up. Makes as much sense as the Iluka deal.
So after all the posts that are frustrated, angry, factual and accurate, is there grounds to take legal action against the Directors? Of course there is. To endorse what was countered when Gib hoped that another bid may come in - irrevocable means irrevocable. It's done. In my mind there is absolutely no doubt that the Directors have breached their responsibilities as Directors in 'folding' to PALA. The major shareholder. As also mentioned earlier, where was the RNS (within the correct timescale) advising that Iluka had purchased a substantial share holding within SRX a number of days ago? If anyone has a top drawer Firm of Corporate Solicitors, let me know. In a Court of Law the word 'proven' is all important. How would it ever be proven that it was a stitch up. If we had that top drawer Firm of course we would win hands down without a doubt. Sadly for us if it was that simple M&G etc would have done just that.
Ladies/Gents AS our Australian 'friends' have already entered trading on Monday morning Iluka have already issued a notification noting the agreed details of the transaction. No more speculation/debating/ discussing what may or may not happen. It's already happened - end of. I've noted below a few of the responsibilities that Directors have in relation to their role as Directors. If any of us fancy clubbing together to take Legal action against them (especially point number one} then we should seriously consider it. If not then it's 'and it's goodnight from me and it's goodnight from him'. It's been a pleasure being part of reading this (ex) Board over many many years Adios mis amigos To promote the long-term success of the company (rather than the interests of, say, the majority shareholder). To act within the company's constitution and powers, ie only do things the company is authorised to do, and that they, the directors, have power to do (rather than the shareholders). To exercise independent judgement (ie not take instructions from a third party or, for that matter, a dominant director, on how to run the company). To exercise reasonable skill, care and diligence. To avoid 'situational' conflicts of interest, ie any situation in which the director's interests do or may conflict, directly or indirectly, with the company's. This includes where a director exploits any of the company's property, information or opportunities. Not to accept benefits from third parties that are offered because they ar e a director (or because they did, or omitted to do something as a director). To declare any direct or indirect personal interest in any proposed transaction or arrangement to be entered into by the company (a 'transactional' conflict) to other members of the board, either at a board meeting or in writing.