What bugs me the most about Besix’s takeover ambitions is their...

What bugs me the most about Besix’s takeover ambitions is their obvious enthusiasm and effort in seeking to gaining control and our board’s desire to relinquish control.

I’m been a long term shareholder and have been patiently awaiting the turn around which is clearly forecast in the FY2018 report on underlying profits.

The board uses the trading value of our stock over the last 3 years as the principle justification for their takeover support. Yes, it has been woeful but certainly due to the board’s incapacity to engineer profits and dividend for the shareholders.

By unreservedly recommending Besix’s terms the board has in my view, acknowledged they should retire given the unacceptable results caused by a combination of bad luck, pore timing and some incompetence.

Besix is after the highly skilled staff, the backbone of the firm. There is no consideration for shareholders who will be taking losses should they be obliged to accept the offer right when their prospects of a turnaround are close.

So when will they become obliged? I suggest if Besix gets to hold 55% via on market purchasing then the game is up and WPT will be eventually privatised due to lack of liquidity in the market.

What do you think?

Personally I will be closely watching the ASX announcements of on market trading. The latest announcement is puts them at45.17%