The Board will not be playing any waiting games, up to the AGM. Under the rules of continuous disclosure they will disclose any bid information as soon as the information is to hand.
The date for the AGM has been announced, the two Directors who are up for re-election, have put themselves forward for re-election.
The fact is that the only way forward for Commander is via a sale and as previously stated, the longer this process goes on, the worse the bid price.
Despite previous postings to the contrary, significant numbers of Commander staff are leaving every week, morale is very low and in some offices morale is non-existant.
There is always the chance that a decent offer will be made for the Commander business, but by the day, it is looking less and less likely that they will offered anywhere near the price they would like.
It will be a fire sale price and they will accept it, because if they don't they, will go into administration. The Fin Review have already reported that the debt levels which Commander has, cannot be re-paid based on the current revenue base.
I feel very sorry for those Commander Franchisee's who have paid significant sums of money for the Franchises they bought. Not the pain has been any less for Commander shareholders.
Can anyone believe that Adrian Coote still collect his $500,000.00 salary, whilst he has personally overseen this unfolding disaster.
Regards
Tails
CDR Price at posting:
0.0¢ Sentiment: Sell Disclosure: Not Held
