Certainly looks that way. Why did the board need to raise additional funds only months after securing $80m from MacBank?
If I wanted to wrestle control of a company I'd buy myself a seat on the board. I'd then use my status as a major shareholder AND board member to highlight the need for additional working capital. I'd also agree to underwrite any effort to raise the funds.
All the while I'd have my associates selling down into a weak SP to reduce the uptake of an upcoming SPP.
SPP has significant shortfall and I would be entitled to take up that shortfall.
Anyway, I couldn't care less who owns the company as long as I get fair value for my share. I'm thinking $1 is a good start but with a sub-50c SP, I'm not sure that's on the cards.
Well played by these blokes. I'm not pissed (if it is accurate) as I know when you play in this market you have to expect to be out smarted. Trick is to make money when that happens!
All is purely hypothetical and a bit of fun.
WDR Price at posting:
48.0¢ Sentiment: Buy Disclosure: Held
