WP I agree. A cynical person could suggest that diretors were working in tandem with Goldman, as it would be hard to understand how they could have been that incompotent otherwise. My call is that they will get nice sign on bonuses, large termination payments or big pay rises if this goes through.
I will also be voting no, but at the end of the day if the administrators of the various hedley companies etc don't vote no it will be irrelevant - i suspect they will rollover and accept to tidy everything up.
I would actually rather see this in VA / Liquidation just out of principle and to improve transparency in the process, especially after they lowered their take over offer, which at some point the board should have put the company into VA anyway.
It would also be interesting to see if any company has ever had a larger no vote on the rem report, which menas they will be keen to make sure something happens well before the next AGM so they are not the first board to be spilled in history on a rem vote.
Doing a back on envelope calc from the annual report and the swap blow out there is still more than 20c of NTA on the balance sheet.
I would also imagine that goldman will be shopping around for the right "independent" expert to say it is fair value.
RPF Price at posting:
2.0¢ Sentiment: None Disclosure: Held
