I had 700k at the time of the offer and I bought during the offer period to raise it to 845k. That's a 20% increase.
If other long-term investors had done similarly, the loose shares would have been almost totally mopped up and the Board would not have been forced to make their recommendation.
As it is, if you feel let down, the real culprit is the lack of protection provided by the takeover rules in a situation where the bidder has been allowed to use a significant holding as a launchpad. There is no way that AWE should be allowed to use its votes, including the launchpad votes, to appoint its stooges and de-list the shares on the back of buying or needing only 25% of the outstanding shares that it did not own at the time that it first made an offer for the company. That's a double-barrelled shotgun to investors' heads.
As it was, I had a CGT rise (55%) to avoid and the position looked hopeless.
If you trust AWE, hold on. I don't, so I sold. But the only thing that the directors could have done so far as I see it is to have launched a counter-bid - but all that they could sell to backers would be a passive interest in Sugarloaf, which has only really been in development for 6 months.
If you're looking for other persons to blame, those that sold during the bid period prior to the directors' recommendation provided AWE with the amunition and the argument. I don't see that the directors could have recommended anything else.
ADI Price at posting:
42.0¢ Sentiment: None Disclosure: Not Held
