unlikely,I think Robson family still a majority shareholder unless they agreed.
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You’re on to it, Belgarion.
Word is about that several would-be buyers have been sniffing around this dog, but the Robinsons and Mogridge have sent all but one of them packing.
The one being given time of day is said to be a syndicate of Nigerian and Russian origins, which the RAK elite is apparently strongly attracted to after being exposed to the bare bones of a possible full takeover offer. In prospect is a 1:1 exchange of scrip, with RAK shareholders getting one unit in the syndicate’s fund per share held. The fund trades on one of the alternative boards on the Slovenian exchange. Early indications from the syndicate are that the offer will value each RAK share at around 215 cents at stable exchange rates.
The fund has shown spectacular price growth per unit over the last 3 months, albeit on small turnover. The fund has glittering assets, including a large stake in King Solomon’s mines. It has a highly-profitable wealth management extraction unit specialising in unclaimed international inheritances and lottery prizes. One the Russian front, the fund holds invaluable letters of intent related to an impending PPP (Putin Private Partnership) covering a chain of gulags. Elements of each gulag are to be converted to 5 star resorts to tap into the elite end of western and asian tourist interest in the Pussy Riot phenomenon whilst PR members and followers are on location to add authenticity to the visitor experience. The fund has also been spectacularly successful with seed capital investments in cutting edge technologies; one of these is based in NZ and involves collaboration with blue chip companies MAD and PGC in developing a perpetual battery, with top end components from RAK incorporated, to assist the relocation overseas of Torchlight Fund No 1. There’s also a whisper that the fund is well in with a Chinese entrepreneur named Hooey Why (? sp) whom RAK is courting in the hope of extracting itself from redundant product.
The Robinsons and Mogridge are enthused by fulsome approvals of the impending offer from expert consultants, including David Ross as to the value of the mines, Mark Hotchin on the Russian real estate, and Rod Petricovich and George Kerr on the wealth management extraction business. They are also buoyed by a likely side deal whereby they retain their directorships and executive roles indefinitely, along with all perks, including the 7 series BMW with the RAKON plates, without having to shift from NZ.
There are, apparently, still a couple of sticking points in the way of the RAK board unanimously supporting the offer in principle. One is that Mogridge wants a cash component to on top of the 1:1 exchange of scrip, of at least 2 cents a share. Mogridge wants to channel this to RAK shareholders by means of a special part-imputed dividend to be paid immediately before the takeover is effected. The Robinsons consider this a masterstroke, as it will help stop longstanding shareholders bemoaning that RAK never paid a dividend, and will make practical use of the imputation account.
Another sticky item is that the Robinsons, supported by Mogridge, want a side deal whereby existing board members get extra scrip for facilitation of the early relocation of the research unit and intellectual property to Minsk and/or Abuja.
Also yet to be agreed is Brent Robinson’s request that the offer documents from the syndicate declare that the offer would not have proceeded but for the syndicate’s admiration of the business excellence of Brent Robinson, excellence recognised by his Kiwi peers making him a finalist in the internationally-esteemed NZ Entrepreneur of the Year Award 2012, sponsored by Ernst and Young.
Hahahaha. Excellent effort.
Sensational!
RAK is my nightmare..., i bought it in 99c.., just woke up and see it down to 76c..after the downgraded., i was glad i sold it at 76c, loss 70k., luck i bought in cvt ..has double my investment., so break even in the year...
I have learnt the hard way over the decades to leave dogs alone.
They are poorly fed, ill-tempered and liable to take a chunk off you at any time.
Rakon to me is one sick dog but with the potential to give you one last nasty bite.
As for Mogridge, I think he has squandered all the credibility and goodwill he built up over the 90s with CIL and Montana - selling his name to the likes of George Kerr etc.