OfferI agree management is acting in its own best interest and the interests of the retail minority shareholders are secondary. Pigs at the trough with their excessive free shares. They said a big issue they had with the initial offer was it was dilutive to shareholders which is exactly what their free 5M shares per year are. My understanding is the current offer is not dilutive since the shares will be purchased from existing shareholders rather than treasury (although still far below what the shares will soon be worth). It will be interesting to hear their rebuttal.
I nay be naive but I always wondered why management doesn't explore a financing transaction (not shares) to pay out the construction debt sooner and increase ownership in Ramu from 8.56% to 11.3% which increases our revenue by more than 30% and payment goes from biannual to monthly. Maybe after the payment in April when the balance should be less than $50m? Interesting news in a pretty quiet board. Cheers and good luck to all.