Investor activism may be key to reviving market
Forget about independent financial advisers and independent directors – a dose of aggressive shareholder activism might be the answer to lowball offers
THE independent financial adviser (IFA) on the delisting of Golden Energy and Resources (Gear) issued a press release last month to “categorically refute” this column’s assertion that its opinion on the deal was faulty.
It should not have bothered. The press release essentially reiterated what had already been said in Gear’s circular to its shareholders.
More importantly, the delisting proposal – which the IFA had said was fair and reasonable – received 99.9 per cent support when it was eventually put before minority shareholders of Gear at an extraordinary general meeting (EGM) on Jun 9.
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