RE: BOD takeover! I think the news today is a big success. Not as good as if Bharti and Said were honourable men who hadn't taken 20% of mkt cap as bonuses for failure, and if they hadn't lied about the 10 cent dividend as promised, but a belated victory. Bharti and Said were forced to submit to a face saving measure, completely giving up control of their piggy bank (they still have many others!) in exchange for not being fully humilitated by losing the proxy battle and further damaging whatever reputation they have left on Bay Street.
I will have to read more on the new guys, but I think we now have a good honest board immediately, and a good CEO immediately. The only bone thrown to F&M on first read is that Mr Said is on the BOD, 1 vote of 5 and then 6. But he is gone as CEO right away which is great. (I guess now he actually earned his termination money...)
Pretty impressive takeover, I think these guy will now act in their/our interests as shareholders, find a good deal (and not a F&M failure that needs funds they cant raise) or pay out the cash. I am not sure if we would still have 18 cents left in 12 months, but a decent return from 12 cents today if that happens.
Also we save some cash from this agreement as we dont have LFD spending our money trying to win a proxy battle. In some ways I would have prefered a proxy vote and total defeat and humiliation for them, but this is better for our company and investment. They knew they had overplayed their hand and were about to get their butts handed to them, and smart enough to find a way out. With bonuses intact of course...
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Agree.. market also seems to like it .. up a few pennies... and like you say the crooks saved some face.. they would have lost .. take all your votes and vote Said out.. who knows maybe they kick the last rat out.. anyway as much as it pains me to say... would it be worth while to loan VST some money to drill a hole... LFD dummies missed thier chance on thier own but maybe away of getting back in the game... look at WZR.. those that hung in are doing well.. all you need is a one hole hit in that aera and up she goes... or better to look for something else non related??