re: Ann: ADE: BPT: Beach launches cash bid fo... "However it can roll the board and replace it with its own directors.
It only requires a 5% shareholding to do that, change the board and you remove any real opposition to the take over."
For the sake of clarity, (and to minimise the posts telling me I am wrong) the 5% is the statutory amount that allows a shareholder to call a meeting, any votes against the Board would still have to succeed on a majority vote basis.
Given that BPT now own at laest 51 % they would have no difficulty on rolling the board
CB
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