So Nick still holds the securities and is liable for the installment payments (assuming the status quo remains).
I guess he's going to exercise his put option on the securities so he doesn't have to pay the $154m.
Wasn't there an expiry date to his put option? Anyone remember that date?
No. He will not own the shares after today. READ the bloody attachment to this post. He has done a smart piece of greenmail with LEI.
Where do you read that?
The deed clearly states that "ASI remains the registered and beneficial holder of all the units". Nick sold the proxies, not the units. There is no debate about that.
Nick still needs to off load his liability somehow.
Where do you read that?
The deed clearly states that "ASI remains the registered and beneficial holder of all the units". Nick sold the proxies, not the units. There is no debate about that.
Nick still needs to off load his liability somehow.
Don't read that at all. I can see the proxy was bought but bolton remains the holder of units...or ASI at least.
Am i missing something??
Clause 4(c) of the Deed of Agreement refers. He remains the holder until the close of the meeting PROVIDED all resolutions fail (Clause 2). And he or ASI have delivered all proxies to LEI or its nominees.
Investorpaul beat me to it!
See Item 4 point c under the deed, i think that covers it. He basically says Bolton will remain a unit holder up until the end of the meeting after that he wont own any briscon.
Obviously its in there so that Leighton doesnt have to buy the units if for some reason Bolton voted for the resolution
WHAT!
That clause simply says ASI agrees to remain the holder until end of today. Where does it say that it is no longer the holder after today???
You guys should never sign any contracts.
Upon first reading that I sould say that Bolton has sold the units as of the end of the meeting but it is not absolutely explicit and hence open to interpretation.Remain the registered and beneficial holder of all ASI units, and not grant any right or interest in or in respect of the ASI Units to any other person (except TJ or it's nominee under clause 4(a)), up until the time at which the 14 April Meeting is closed.
WHAT!
That clause simply says ASI agrees to remain the holder until end of today. Where does it say that it is no longer the holder after today???
You guys should never sign any contracts.
I understand what you mean, as i said in my first post I asked how other people interpreted it. I am open to being wrong.
It just strikes me as odd how it all has played out. Who cares if they get 4.5m but still have tens of millions in liability
trust me he has not sold the units - he sold the votes.
this is clear from the asx statement. there is no way leightons would pay 4.5m for 177m of debt....
once again it is the reporting of the australian. the units still belong to ASI trust me
The "White Knight" for retail investors has turned in to the grim reaper. This bloke will not be popular but he has saved himself to the detriment of all other retail holders.
There will be a huge backlash from the retail investors. If I were him, I'd be leaving the country fast.
Totally with Mc Gusto. LEI did not buy the units from Nick.
LEI would have incurred a liability of $154m, and would have taken a $50-75m hit to their bottom line straight away. The BCS units will not be worth anywhere the $2 LEI would have paid for them.
Mikey, you have found a wrong story from Bloomberg. Email the reporter and claim a reward
Where do you read that?
The deed clearly states that "ASI remains the registered and beneficial holder of all the units". Nick sold the proxies, not the units. There is no debate about that.
Nick still needs to off load his liability somehow.
Don't read that at all. I can see the proxy was bought but bolton remains the holder of units...or ASI at least.
Am i missing something??
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