GREY:BPMSF - Post by User
Post by
seagoldon Jul 18, 2014 2:34pm
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Post# 22760672
Takeover by Avino
Takeover by AvinoThis deal is made possible only after Avino bought Munday's 34% share in the company. How they convinced him to sell is head scratcher. They must have told Munday, it was worse off if he didnt sell.
The metrics of the deal are actually pretty terrible for BPM shareholders. No Premium on the stock and one BPM for for 0.14 ASM share. How can the board agree to a deal that excluded options to be excersized? Usually in this case you would think the BOD would want to come out on top but I guess it tells you how knowledgeable they are about corporate transactions.
The fact that Avino now owns 34%, David Wolfin owns 0.8%, Bill Kocken owns 2.7%, and Gary Robertson owns 2.1%, makes up 39.6% of the outstanding shares. They only need 10.4% to win. There is no way Avino wins shareholder approval if they didn't have such a large position. BPM's BOD should have tried to negotiate better terms. Real let down to their shareholders.