Observations Just attempting to tie up a few loose ends.
I am no expert on the rules and regulations of the TSX so
some of my comments may be incorrect.
Harvey and Michael were in positions 'elect' and subject to ratification at the AGM. They are therefore considered more as advisors until their election as directors.
The hope was that H & M could bring together a plan that was 1/ acceptable to Global. 2/ that would be voted on favourably by the Med shareholders at the AGM and 3/ was financially viable........ sounds familiar? Exactly as the restructuring group tried to do in Nov 2019.
it is my understanding that H & M presented a 'non-negotiable' deal (accompanied with a joint letter of resignation) and gave a deadline, 'agree or we resign'. I further understand that they succeeded in convincing the majority of Global SH's that this was the ONLY way forward. H & M and senior Global SH's were confident that they had pursuaded PB to agree to the terms but at the last minute PB refused to back the deal without 2 significant changes being made. H & M reiterated that the deal offered was the only one that they would work with, PB said no, H & M resigned.
I happen to know that both positive and negative press releases were prepared...... it was that close. Unfortunately H & M resigned before releasing the company press release which then made its release difficult. I believe both have now made public statements but the company have not commented.
I am aware that H & M spoke to more than 40 various stake holders and potential financiers in building their vision for a combined Medical/Global. Their conclusions and therefore the deal was very similar to the restructuring groups.
Thanks go to H & M for a lot of hard work. The CSS deserves better than this.
To answer another point made recently; I spoke with a former director, JK, on another matter a couple of weeks ago and when I asked him if we could have 5
minutes on Medical he said words to the effect of 'only if a deal has been done'. I was left thinking that he would be prepared to look at it again but would not try to lead or be part of a deal.
Hey Ho..... most of us here accepted this as high risk investing but I never thought that the problems would
come from within.
GLA