RE: RE: RE: RE: Hostile Takeover is Right On HT, you may very well be correct, I hope you are not.
I really hope that Graeme and all involved are able to keep their pride and personal feelings out of this. Graeme has much more at stake than just control of the company, he holds millions of shares, as current CEO he still has the responsibility to act in the best interest of the shareholders, company and (very important), the professionals who depend on this company for employment. I don’t think that Graeme has every had poor intentions, the results of his business decisions did not have the company moving in a positive direction, time has now run out for him as CEO. Unless there is some amazing long time project in the works the current board has been totally inept and did McRae no favors by sitting back. You would think that a group like that could look at the results, come up with a plan, communicate to shareholders and execute. This should have happened long ago.
The action of the frustrated shareholders headed by Wells is justified; I think we all agree with that. We will soon see information outlining the plans; hopefully we will see what the current Bioniche board had planned as well and cast our vote.
I really don’t believe that the group led by Wells wants a huge disruption. I believe that the group that Wells represents is in at a higher SP than we see now. I could be wrong but I don’t think they could have purchased any shares recently as they had access to confidential information.
While this all of is going on we are at high risk of losing key staff. Based on what we think the potential of this company is, there are obviously many great people there. You can be guaranteed that the great people will now be receiving phone calls from suitors.
Bottom line is we need our existing board and the dissentients to work this out as amicably and quickly as possible.
Time will tell