Good to hear this MJ.
I am concerned that there is not enough holders (mostly retail ones I suspect) who are not taking the possibility of a takeover seriously or, just have an apathetic attitude....which would be incredible considering how many of us are bleeding.
I have experience of seeing holders being chewed out (financially) by management of CXX when they recommended that it was in our best interests to accept our JV partner's takeover bid - by way of a Scheme of Arrangement, over a 3 month horizon. A number of shareholders had been discussing that a t/o was on the cards but, as per usual, not enough were prepared to listen.
The bid was for .33c and management sold it by highlighting it was a 45% premium to the previous 20 day average. Management and aligned major holders were controlling about 45% of the register. Multiple analysts valued the SP well over $1.20 at that time and they had it going as far as $4.50 over the next few years.
The takeover didn't happen in the finish because the legislation was changed (to suit the Government). Just over a year later and I see the SP is now .7c and looks like dropping further. Sometimes the greater power steps in and levels the playing field by teaching a few lessons to the avaricious ones!!
Let's hope the CDY holders are treated properly.
