GPG at 65% of MMA and a new consitution
Guinness Peat Group (GPG) announced 64.15% yesterday and with another 1.8million bought so far today they should end the day owning close to 66% of MMA.
75% allows GPG to change constitution. There was a new constitution out yesterday, which contained the amendments from AGM resolution 7.
I wonder what Nick Bolton is up to. Come on Nick leave me a comment.
The independent directions continue to say no. I’m wavering, but if everyone stands strong I will too!

GPG now have 50%. Here’s the pertinent info for MMC CONTRARIAN LIMITED (MMA) holders.

From the target statement section 2.7.

75% allows GPG to change constituent
Can delist fs number of shareholders too low
90% compulsory acquisition
50c Offer open until 6 November

Daybagger definition and a quick comment or two on Biota, Prana and MMC Contrarian.

From the outside it appears there has been scant regard for shareholders and I pity anyone who invested in one of the managed funds. Do management think we can see no evil?
Now along comes GPG with a takeover bid around 35% below value and Nick Bolton suddenly pops up on the share register. Could things get any worse? Yeah I guess they could. The same clowns who have been running this company into the ground could continue to do so while collecting their large paychecks.
Here was a company that was …

An investment in MMC CONTRARIAN LIMITED (MMA) is like buying a dollar for 45 cents. Plus you get their growth prospects in Australia’s growing funds management industry for free and as if that wasn’t enough they were cash flow positive in their most recent six months.

MMC Contrarian (MMA.AX) plan on paying $200,000 in costs to buy $75M in shares at above market value so they can decrease the earnings per share, how on earth can that be a sensible allocation of capital?