Originally Posted by
mistaTea
It is also a fact that a formal offer by Private Equity was sent to the Board in June.
The fact that Philip Bowman stood there at the AGM and lied/misrepresented the facts about it is reprehensible. How can he treat his shareholders with such contempt?
It is equally a worry for the Board now that Philip has done this...because they have not come out publicly to correct it. If there were ever an investigation, I think that makes them equally on the hook.
A formal offer was given to The Board - I know that Joan Withers (probably the most shareholder-friendly and certainly has the most experience on The Board) was in favour of pursuing talks. But Philip Bowman overruled her and shut it down.
Then I ask him point blank why he rejected a 23cps offer out of hand without even trying to negotiate, and he decides it is a good idea to make out that no formal offer was given, only a highly conditional "approach" and that I am essentially discussing a hypothetical situation.
Well, I know that this is untrue - nothing hypothetical about a formal offer they received and briefly discussed in a Board meeting.
If the Board are reading any of these posts I think it is in your best interest to come clean before it is too late.
Dodgy Bowman (Pooman seems to be the preferred name now - thanks Ogg!) needs to resign immediately. Not only has he blocked possibilities of deals, but the infamous Capital Raise was his brainchild. He has overseen the destruction of an enormous amount of shareholder wealth over the last two years, continues to destroy shareholder wealth...and now is not even living in the country.
Not acceptable at all. If I don't see his resignation next week I am seriously considering approaching the NZX about the lie he told.