From all sides Let's say you were Graeme and you have a company that has developed some great products with great potential. Let assume that everything was going well during a period of time with exception of the stock price which continued to decline. Then comes the Endo deal collapse along with the further delays in the GMP process and the RCP loan issues, what would you do??
Lets also say that there is much promise awaiting success which would also explain the GW interest in BNC. Would you want to let go that easily? I can't say I'm surprised at all with Graeme and the BoD's response. I was one who called this occurrence and now, we face the judges decision.
Both Graeme and the GW group made some blatant errors in my opinion. Graeme's lack of communications allowed for a lack of interest in this stock which allowed for potential manipulation of the stock price due to low volume. GW didn't have their ducks lined up properly before sending their 1st letter to the BNC BoD allowing BNC to decline their request and officially post a shareholders meeting date for November. Today we have a bit of a mess.
In my opinion I'm still not convince that the GW group is 100% above board and had nothing at all to do with the steady SP decline. Their timing of these matters are very suspicious to me where they made their move when the SP hit all time lows and BNC was having to reshuffle their cards. If this were the case then I must commend them for a job well done for themselves. Regardless I also believe that BNC could have done much much more over this period of time to prevent this situation and the eventual outcome. I guess that makes me an NZ at this time until one of the two parties convince me otherwise.
TC9