I agree with you. You could see it coming a mile away when the Board let BPT get up to 19.99% of the shares, that it was just a matter of time then.
As you can see the Board is now telling us that the offer is undervalued and that we should take no action. They even made two consecutive announcements to that extent today, in order to make us fully aware of it.
The point of concern now is that many shareholders upon reading that an offer was made, immediately downloaded their shares as soon as they saw that 20 cents offer, and nearly 127million shares changed hands today giving BPT a commanding lead and a fair slice of the cake.
IMO all is not lost as yet though, providing that the remaining investors will be prepared to wait for the Board next move and the following/consequent advice. And especially when we will have a report from an Independent Expert which the company is saying that it will highlight the fact that it will show that we are way way undervalued at this offer price.
There is no doubts that we have some good tenements in our portfolio, hence why BPT wants us very badly, and on the cheap as possible, and IMHO we should not rush into something that we may regret at some stage or another down the track. Most importantly an offer of 20 cents has been made, and no one will be able to change that, nor taking it away from us. After all, all we have to do is to sit and wait for a few more weeks to see what our Board will recommend. That's all. So why the sudden rush..????
IMO, if it wasn't for the last drilling reports and what they will now expect in the future from us, and especially from our tenements, they wouldn't have made such an hurried up move !! They, first would have approached our Board as it usually happens in cases of a T/O, then talking about or reaching a friendly T/O proprosal while at the same time getting a recommendation from our Board, and then proceed to make it publicly known.
The fact is that they didn't, and went hostile immediatley instead. What does that tell you ??
So, IMO, we should not be playing into their own hands. Patience is required now, and plenty of it.!!
Finally, and IMO, that was typical of BPT because they tried the same thing with other companies before and they fell flat on their faces because of the way they've handled them. There is no doubt whatsoever that this offer has been hostile, and before we rush into a selling decision, we should at least wait for the Board's recommendation.
Please, note that, as the company announced, that any new offer that they may be able to achieve, will not apply to the ones that have already sold out.
If the offer will be increased as a result of our Board's doings, or due to a favourable Independent Expert report that will soon follow, those that sold out already, will not be able to claim for the difference in the offer price, but thet will only be able to wissle dixy.
That part was also announced via the ASX today.
I don't know about you, but I will wait to see what will happen instead of rushing into anything that I may regret. A few weeks waiting is definitely not going to make me or break me.
Regards to all and good luck.
ADE Price at posting:
20.0¢ Sentiment: LT Buy Disclosure: Held
