Whilst I totally agree the 830mil shares that were issued as a ‘bonus’ should be returned, I very much doubt they will. BPG Management are aware of the volume of Share Holders that agree with this, but it hasn’t seemed to sway any decision.
On the one hand it’s a good thing having management who have a vested interest on this making a success. Further, it would have been a futile exercise getting these shares approved through the AGM if BPG were not going to trade again. And remember – the AGM was eventually held on 15 December, where it was indicated that BPG were aware of the relationship breakdown with SoarLabs late November and were in discussions with Noetic Synergy at that point also. Therefore, why would management bother allocating themselves shares knowingly at that point in time the SoarLabs deal was coming to an end?
On the other hand, they hold too much power – imagine a mass dumping by management upon open. It also means that BPG management can approve any decisions presented at further EGMs/AGMs etc. with that sort of voting power.
Some SH here have made their exit strategies clear – get out as soon as this opens. I respect that and can understand that sentiment.
I intend to watch and see what happens (not much else we can do)! But if BPG can launch the exchange, market it successfully and gain enough interest – dare I say hype upon open, then I believe the SP would go up initially. Keeping the SP up would be reliant on the uptake of users using the Exchange IMO, as well as other factors, such as being successful at the Singapore High Courts with their case against SoarLabs, and resolving any ‘Back-door listing’ or ‘change in business activities’ problems with the ASX. IF BPG handle all this successfully and regain my trust by not dumping shares, then I’ll be tempted to hold for a lot longer. Big IF.
IMO - Trying to retrace the shares – great initiative, no harm in trying /(we’ve tried already) – but won’t happen IMO. Therefore, I'm comfortable to let BPG get on with what needs to be done, rather that 'waste' my and their time with this, albeit good initiative.
Cheers
MSN
BPG Price at posting:
0.9¢ Sentiment: Hold Disclosure: Held
