Would the placement of these new shares allow the Board of Directors to control the company. In other words will the BOD hold more than 50% of the voting shares, and accordingly a controlling holding in LNY.
Peter Wright’s (from Bizzell Capital Partners), was appointed to the Board on 31 Oct 2017, despite little or no activity in LNY. Mr Wright and associated entities hold circa 23mil voting shares, and will likely participate in this CR.
Bizzell Capital Partners Pty Ltd, Bizzell Nominee Pty Ltd, and other entities controlled by Mr Bizzell were prevented by ASIC from controlling LNY, back in June 2013.
http://www.takeovers.gov.au/content/DisplayDoc.aspx?doc=reasons_for_decisions/2013/007.htm
Mr Richard Anthon was also a Director back in June 2013, and acted as the company solicitor for LNY.
At the time of the ASIC intervention back in June 2013, Mr Bizzell’s (as well Mr Anthon’s) average buy-in price was multiples of its current price - circa 2cents. Averaging down as
@gassed suggests, is clearly also an option for the directors.
I’m still travelling, but just a few thoughts as I wait for a fog delayed flight. Additionally, I’m awaiting free advise from a friend with respects to the announcement of yesterday.
Have a great weekend!
