You're right thrasher, and well done you. Timing; not trust. And certainly not believing anns saying the board is acting solely in shareholders best interests. Board members were never going to lose. Now they must stick together like the proverbial, in mutual self interest and defence.
Patrick Mutz and Ian Pamensky got their timing right too. That raised flags for me but I was blinded by trust and a belief in the asset, and that we must surely have had a reasonable JV agreement in order to take Q and HG to court. That was stupid of me, to place blind trust in something that only the board had seen and signed; and that we, only by chance, got mere glimpses of - courtesy of court judgments and our intrepid court reporters.
I would have preferred the board used the little money left to redeem themselves and to buy something undervalued in this market, but I doubt that is the plan. I fear that, post Monardes, rainbow's dream will likely come to pass; not because it's the fair thing to do (how could 12c + 4 or 5c/share be fair for B4M and Maldon?), but because it's again in the board's self interest.
Wasn't there mention of tax benefits in delaying til end FY? How much left by then ? But more importantly, in my view, would be the fact that the damage has been done. Anything and everything of value has changed hands. Psychologically I can't see AGS wanting to endure daily reminders of their poor decision making and their poor money management. Nor can I see them breaking free of their long entrenched and self serving inter-dependence.
Hey, but that's just my own disillusioned and cynical view, looking back over a decade of dissimulation (on both sides of the Joint Venture). Would love to be wrong this time .... again.
AGS Price at posting:
3.4¢ Sentiment: None Disclosure: Held
