Pretty clear that the "we want to work with Nick" spiel late last year was just hearsay to try to con the wider registry to vote in favour of Silvergate. If they really did value Nick's contribution they wouldn't be going down this path.
Something smells imo. Silvergate are pushing for something and the current board structure is getting in their way. I can't see this one getting up; if people have their wits about them they would rather the slow and steady approach of the current board over the rash approach that I fear will come with the proposed board restructure. After all, it all seems a bit rushed to be pushing for almost the same thing that was rejected 3 months ago, does it not? What's the hurry Ed?
I can only think that the rush is being brought on by movement related to the Hawsons JV or the deteriorating cash position of the company. Their excuse for not launching a takeover previously was the "Nick Sheard" argument. Now that's thrown out the door I would be interested to hear why they really don't want to buy out the company.
CAP Price at posting:
21.8¢ Sentiment: None Disclosure: Not Held
