note how beach never took up a seat on the ADE Board, in spite of being invited, and in spite of holding almost 20% !?
Beach next step is to chuck out the existing Board. Once they get over the magic 50%, the exisiting board will have to resign. even if Beach only gets to under 50%, they will still make sure that beach controls the Borad.
if you think ADE can sell off any ADE assets without the agreement of Beach - forget it. beach would have them injuncted before they know whats happening.
beach says it is now canvassing the bigger s/h left - so imo will get their 50% soon.
there will not be any white knight.
the ONLY way BPT will increase its offer, is if enough s/h hold out.
if the directors do have 20%, then Beach will need to negotiate with them.
no doubt that Beach want 100% - no 50%.
actually of course, they only have to get to 90% !
ADE Price at posting:
20.0¢ Sentiment: None Disclosure: Not Held
