Paladin buyoutAs I said in an earlier post, something *eventually* had to be done about Paladin. In addition to their generous carried interest, they had 2 seats on the BOD of both Bozzetto & Cortland/Tufropes, and were paid ongoing annual advisory fees of $500k for Bozzetto and 2% of Tufropes EBITDA. (Yes, you read that correctly. It's a stunningly favourable deal for Paladin.)
But what's the rush? The company is acting like they were in a corner and had to get this done at any price. Of course the only apparent rationale is to opportunistically dilute Mithaq prior to the AGM, while also giving their friends at Paladin a nice payday. I love how the PR refers to $2.50 as a "6% premium". Craziness. It's as if they're trying their best to insult minority shareholders.