The A Shares stymie ???Thie Trust Voting arrangements baffles me on many levels.
I can understand it was a Legal solution, from the 60s, due to ongoing Politics. ( tit for tat )
That situation has materially changed! So have most of the Family reps.
What I don't understand is:
A) How do A share Trust Voters qualify as: " Independent Directors "?
( ...Whose " Opinion" ? Was it ever challenged ? Can it still be tested ?)
B) Why is the Trust Agreement allowed to stymie an outsider from making an A/B Takeout Offer?
( appears, to me, to be an unfairly balanced restriction of Trade, favouring the A shares )
The outside Offer could be matched, by any Trust combination, and the remaining Trusters kept safe in their A share cocoon.
BUT - *All the B Holders would have to be simultaneously offered the Trust settlement amount !!
Everyone could Vote to accept, and everyone would get to access on the outsider Offer amount.
If the A shares do not accept; then they shall offer B shares the outsider amount.
We could choose to accept $$s; or stay the B share course.
I do not know what the Shares are worth but we will never know with this status quo.
Hopefully another Offer will emerge and make my questions moot :) :)
Would greatly appreciate opinions/responses/answers to A&B.-- Thanks ---- GLTA