holymagimonYes its a sorry tale isn't it! Reputations WILL be...

holymagimon

Yes its a sorry tale isn't it! Reputations WILL be tarnished by this whole debacle. In particular the 'sacking" of the previous board who opposed the merger, essentially by ESG and I&S, now looks very questionable. And the simple fact that GGX should be "selling" its assets to OIP at a BIG discount given the fact that they are close to insolvent and will find it quite difficult to fund their committments!!

Just one correction ... the 2009 Annual Report has ESG at 23.07% of OIP and that hasn't essentially changed since OIP was floated off. So that increases the Yes vote to more like 42.1%. It will happen I'm afraid!

There was no response from OIP management on Friday to OXX's proposal .. so I'm wondering whether they really can just push on through and hold the EGM vote anyway. Once again that will be questionable ethically even if OXX is really just trying to be a spolier to the merger with a non-serious offer.

I don't think Messrs Morton, King and Langusch's would have anticipated the level of resistance to their smart little plan. As ESG's motives and strategy in all this are less clear (they have never told us!!!) I will refrain from any criticism of ESG management as such.

I will arrive early for the EGM (if it proceeds) on Tuesday (around 10.00AM) and will identify myself by way of a nametag with my HC name .. if you want to meet up.

Cheers

H