@bubsmark, That won't happen. Because DAR already speak for 13%...

@bubsmark,

That won't happen.

Because DAR already speak for 13% of the issued capital of the company, thereby constituting a blocking stake.

Incidentally, John Grills owns in excess of 10% of the Issued Capital of the Company, so that, too, constitutes a bit of a blocking stake. However, I think major shareholders will be insisting that the board to engage with DAR and in that event, the Independent Directors will start to earn their keep.

If they refuse to engage, then I suspect DAR might go hostile with a proportional takeover. I think it would be relatively easy for them to get acceptances of a further 38% of the company's shares, which would take them to a position of control.

At which point, the board gets the sack, and Grills will have to wait for years until he receives another nickel out of the company. And even then, the only time he will see any money is if he capitulates and sells his interest to the controlling shareholder.

Grills, an investment banker in a former life isn't naive; he would have seen the playbook for these kinds of situations many times before. He'll know just how vulnerable his position, and the position of his fellow directors, are.