RE:RE:Wow! Irvine Votes for Lembit!To be honest, I am still a little mystified as to the hoohah over this election - what is really at stake in the longer-term here, other than revenge by the major dissident shareholders?
It's not as if the Fund makes any major operating decisions and largely distributes what it receives from Sir Corp. Would things have turned out differently with a different Fund board over the last year - possibly, possibly not. But even so, what has transpired with COVID is (hopefully) a once in a blue moon event.
Fowler is willing to stack the board to a crazy degree (9!!!) to keep Lembit's influence to a minimum. That strategy seems more difficult now, as he now needs, if my math is correct, a minimum of about 60% of the minority shareholders to vote for his nominees. If me, you and Rob, who own around 0.5% of the units between us (and around 1% of the all units not held by SIR, Janes and Irvine) are close to representative of everyone else then they are sunk.
The question then is what next? Will Fowler try and take the Fund private? He would have to pay a pretty penny to do so, and I am not sure what good that would do him, other than get rid of Lembit.
flamingogold wrote: And there it is again... that $3.55 opportunistic buyout attempt has been a hard pill to swallow for fund investors and puts the trust of management and board in serious question going forward. I wonder if and how SIR responds now that a vote for change is imminent.