Having a look at this they actually need 90% of shareholders to agree to the 14c offer which they try to make it sound like it's a great bonus to all but it's not really especially for the long term holders who bought way above that price & may not agree to sell so it just may not get the 90% they require (or is it 70% because CBIO are agreeing to nearly 20% of their holdings - as they would when they get them free...)
I'm okay as I just bought some recently at 9c when that increase in volume occured just in case of a mega CBIO deal but I feel it's not a good deal for others so I would be contacting BGN & voicing your opinion.
They are moving in on BGN at an opportunistic time when the Biotec sector is out of favour....BGN is at profitability stage as well as has some assets all together worth more than the offer so it is really not as good as they make out.....I expected something more in the 20c minimum range at least. If you want some ammunition tell them you're getting the ASX surveillance team to check into the last month of trading & see who all the buyers (insiders) were & also how a tiny parcel always trickled the price down at end of day to keep that average price down - also helped someone get to exercise those convertible notes at a much cheaper price too.
They put shareholders over a barrel here so what would eventuate if they thought that they may not be able to achieve the 90% acceptance rate....I really think there is a much bigger reason why they want BGN & believe it has to do with the major shareholder CBIO - maybe some shareholders should band together & see if they can push for a better deal as I don't think this company really wants to walk away empty handed?
Come on show some fighting spirit - we all get sick of Directors walking all over you so is it Deal or No Deal?
BGN Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
