Severstal's game plan OSCI certainly do not like what Severstal is doing but they are operating within the guidelines of the OSC. Severstal will continue to squeeze out the minority stockholders. They can use 61-101 5.5 to circumvent minority shareholder protections, and they can do it again and again. The rules allow this to happen, now it may be they were not intended to have this outcome, but it is what it is. If you want to find legal fault, it would be expensive, no guarantee of winning, if you did win how could you enforce anything anyway.
I agree that HRG has a much higher "intrinsic" value, but market "is" what the market is willing to pay for it. Again I don't like it, but again today at this minute HRG is worth .215 share. The optics are very poor, complicity BOD, devious actions, etc etc. scream, yell, but most of all...get smarter, follow the steps to the end game, the floor is .22
The only way to see the true value is if HRG went bankrupt, then Severstal would have to buy the assets at market as other posters have stated. I see a little more value because I think Severstal will sweeten their offer a bit, but not by that much more.
What I do intend to do is go to the AGM and confront the tactics and shameful actions of Severstal in punishing the minority shareholders and ask them why Severstal is F*UCKING us (but then again I already know the answer...because they can). If I had to blame someone, it would be the former jerk offs who ran HRG into the ground and gave away the keys to Severstal, and lastly myself for buying into this mess.
CJ