Originally Posted by
Ogg
There's nothing good about this.
I blame Martin for everything.
If I were CEO I wouldn't have done the placement. It was stupid and unnecessary. The timing was terrible and they had enough liquidity. The problem was that they bought RugbyPass (which was a mistake) and went directly into broadband. They should have just done a partnership deal for both. This would of avoided doing a placement. All the placement has done is thrown holders like NZRU under the bus and created a toxic share registry.
As CEO, I would have stripped out all the costs, closed down OSB, done partnership deals with RugbyPass and either Vodafone or 2degrees for the broadband. I would have sold off or closed down Neon. I wouldn't have bought Lightbox either.
I would have focused 100% of my time on doing a merger and working with the ComCom and ministry of broadcasting. I would have used the bondholders to my advantage and left them high and dry until a merger was done. With only 300m shares on issue, I reckon I could have gotten $2.50, which would have been a descent outcome.
Martin should walk. It's a joke he's on $2m salary.