RE: RE: RE: Bowood Legacy Transaction UPDATE regarding 403xyz1's point 3) and 4)
The plan is quite simple:
What Bowood's board members should do in case this transaction is voted down:
1) Replace management (potentially some Legacy people could even be involved in managing BWD just as they would be according to the contemplated transaction.)
2) Keep the JV contract as is, do not issue 200m shares to Legacy for land
3) Work out a cost reduction program (to cut every cent of overhead cost which is not absolutely essential)
4) Clearly formulate their plan and fully disclose and explain it to the entire market (not only bwd shareholders)
5) Issue subscription rights to shareholders with a subscription price below market (so that every current BWD shareholder would be incentivised to subscribe for new shares or could at least sell his rights).
Yes, the idea does need some work from the Bowood board. But when looking at their profiles, there are board members with lots of experience and I have no reason to assume that they (or some of them) would not be able to implement such an alternative plan.