I'm not sure how much you know about the background that has lead up to this, but the shares that were sold to EVN were owned by Rand before they were confiscated by ASIC and sold off. Rand is a subsidiary of TBR and the companies have the same board. The board has known about this for months and the proceeds of the sale obviously get paid to Rand. Therefore there is significant financial benefit to both companies if the TBR share price is maximised - ensuring the proceeds returned to Rand and TBR are also maximised. Billis' response that the offer from NST was insulting states that the price should be significantly above the NST offer, yet he allowed the sale to EVN to go thru at $3.73 effectively valuing the EKJV below the NST offer.......................A reasonable conclusion would be that what he has really done is INSULT every shareholder of TBR and RND by allowing this situation to evolve and then waiting until AFTER the sale to EVN to state how insulting the NST offer was.........So my questioning of the timing is really around the fact that this has cost shareholders(RND and TBR) about $20M if you add in the Philippines farce........so has he manipulated a bad situation to get EVN on the shareholder register to provide leverage against NST or he is he just incompetent??.............After all he could have "written a cheque" significantly below the current NST offer a few short years ago and already own the entirety of the EKJV.
TBR Price at posting:
$4.10 Sentiment: Hold Disclosure: Held
