Sorry to take so long but here is my interpretation of the email correspondence I had with Andrew Phillips of MWS.
As mentioned before, I asked along the lines of, were they aware why JB would wish to sell his shares so far below their nominal value, are they aware if he might be continuing in the short term and when do they expect to make an Ann to alleviate shareholder concern.
I asked if I could post the email reply and was told to wait till he had checked with the Directors, 2 days later on April 8th I emailed back to ask if he had an answer and was told to wait one more day as he had a meeting the next day to provide further clarity to the market.
The email reply I initially received confirmed that
-JB was a founding shareholder of SFG and the brother of MD Scott Beeton.
-JB has not actively worked in SFG for approx two years prior to the MDS transaction, he remained a passive but significant shareholder.
- That it is his right to trade his shares as he wishes and it is not the role of the board to question shareholders on their investment decisions or personal finances.
- The MDS board are working through all the opportunities the SFG & MDS transaction brings to the company.
- The board is responsible to all shareholders, not on in particular, and will, they believe, bring improved value to shareholders over time.
- They are next required to report the quarterly before the end of April unless a 'significant' event affecting the company occurs at which point disclosure would be made earlier.
Nothing special, about what I expected. Still waiting for that announcement to provide further clarity though.
SEQ Price at posting:
0.2¢ Sentiment: Hold Disclosure: Held
