RE:RE:RE:New operations update outI suggest that the premises to your series of questions are flawed. Obsidian’s offer has been summarily rejected and why it has been continued in the face of this rejection is the better question; perhaps only out of inertia as it is now Obsidian whose financial stability and leadership is under review.
Obsidian failed to appreciate that Bonterra stock is widely and closely held by retail investors who continue to align with management. I can see where the withholding of votes at the last AGM by certain larger shareholders may have misled Obsidian. However, it is now clear that these shareholders have felt none of the compulsion that Obsidian offers as its prime motive for its bid. More importantly, the larger universe of private holders share in at least some of the conclusions I have about the offer. (See postings below if you are interested.)
I cannot say what may or may not excite Bonterra shareholders, but one solid conclusion we can reach is that Obsidian’s offer does not.