1. Messrs (not inapt) Dunstan and Woodfull are throwing the shareholders overboard to save their own hide. Shareholders, many of whom paid up to $3.00 per share based on the enthusiastic promotion of the company by the principals, are now required to accept $1.73 cash, no alternatives.
2. Dunstan and Woodfull have their margin loan problem sorted, AND they get to keep equity in the upside, which all the insiders know is considerable.
3. The company is required to pay a break fee of $2.46 million if the deal falls over for almost any reason.
This is a very poor effort indeed. Shareholders are being required to pay for the misjudgement of the board and management.
Their website still says: "Bravura: Brilliant or ambitious performance, passage or style requiring exceptional powers." That'd be right.
BVA Price at posting:
0.0¢ Sentiment: None Disclosure: Held
