Logical reasoning suggests...take up the offer. Probably...

Logical reasoning suggests...take up the offer. Probably ultimately correct. Yet the take up rate has slowed to a crawl. Human nature kicking in? Try this strain for size.

Premise: This whole share market game is set up for the benefit of directors, to the extent whereby, even if they head only small tin pot companies, reward themselves on a scale similar to world political leaders, but with only a fraction of the responsibilities. They claim to act in the interest of shareholders, which is probably true, but they won't tell you in the same breath that they are usually the largest shareholders themselves, many of which they gained by the stroke of a pen and nothing else. They are the "inner" shareholders whose interests are served first. For the rest...the "outer shareholders"... we are largely seen as a nuisance unless it is capital raising time, or a favour is needed as it is right now.

The Deed: In 2011 the board decreed super sized salary packages for its members, the scale of which were way out of proportion with future prospects and outrageous with then, current realities. This triggered a furious shareholder backlash which the board foolishly met by engaging lawyers to go on a witch hunt to root out dissent, demanding the identity of posters on this forum from Hot Copper itself. It eventually ran out of puff, but company ( shareholder) funds were used in funding the process. Using company money to fund a private matter, particularly one as despicable as this, is an issue.

The Weeping Sore: Despite repeated calls, for a full disclosure as to how much was squandered on "the deed", the only detectable response has been a wall of silence. We were shown a company cheque paid to Hot Copper for $1,100 but that's all we know. Nothing it appears, has been revealed by the company. Seeing that the lawyers engaged were those who did similar work for EGO, charged (as reported on HC) $460,000 for their services, does make one suspicious that the amount wasted by the MYG board could also be considerable. On the face of it , how much, is still anybody's guess, which has had the effect of giving rise to a camp of alienated shareholders.

The Fallout: For some that abuse of power and shareholder funds is unforgivable until such time as the matter is fully disclosed and remedies put in place. Playing fast and loose with shareholder goodwill has left some with a feeling of disgust and hostility.(Most current posters are not from that era..significant?) As a silent protest, they are simply not prepared to co operate. With trust destroyed this takeover move some will see, as simply another chapter in keeping the director gravy train on the rails.The sentiment -"If you want my shares, you can come and get them" - is alive and lurking in the shadows, the only question being, to what degree? With long standing still outraged shareholders in the mix, achieving that 90% threshold could be struggle. And it was all self inflicted with greed being the main driver. Such is human nature, or more accurately - Manure.