Does anyone have any thoughts on the proposed Capital Reconstruction Plan?
I have yet to see the offer documents but having a cursory glance on the website it would appear that in three years time they will have 172 million shares on issue and be generating a profit of $6 million. After that options can be exercised and so eps will be worse.
I am getting the feeling the only people to benefit here are the directors and senior management, who appear to have had no reduction in fees or remuneration.
As an old dorchester shareholder observed once" this should be a cash cow, but it is being milked before the shareholders will ever see anything".
Like an old dog with mange" is it time to do the humanitarian thing and put it down?