With all due respect, shareholders are getting what they are letting happen to them. JHL has been a shadow CEO and micromanager of this company for years and has overseen a complete collapse of the share price.
Hills and Lincor had a very attractive alternative after the capital markets responded by saying they wanted to see Hills Health and Lincor merge first. Not a terrible request given the markets total distrust in Hills leadership. The companies would have added $25-$50 in value to Hills shareholders immediately.
Just think about the public info available -
- Grant Logan former CEO, started Lincor process, then "retired" before process ended. Supported deal
- CFO Gareth Turner, resigned from Hills during the process, to show his displeasure with continuing with Hills and fully support merger
- Gai Stephens, Corp Sec and instrumental guiding Hills Board through multiple transactions, fired before merger could be finalized
- Derek McKim Smith, let go from Hills Health in the middle of merger process
All of these people supported the merger and were proactive in getting the deal done. JHL removed all of these people and two board members so she could say the deal was not good enough for Hills and her hand picked CEO could agree with her.
Shareholders were totally screwed here. I would be very nervous with the only growth piece of Hills is the Health division and it is solely dependable on a technology of a partner they shot in the head.
HIL Price at posting:
41.0¢ Sentiment: Sell Disclosure: Not Held
