Is this a crazy idea?

Before the crazy idea:

1. AGM outcome.

Probably the most sensible proposal didn't get up. Decreasing the shares on issue needed a majority of the shares issued to vote in favour (cos' it's a constitutional change).

Which got me thinking, why aren't all AGM proposals voted on that basis?


2. Swamp people

It was interesting to see Mangrove Partners poke an air breathing root into Biota.

As we all know, they led the proxy war against the hapless Biota to suck back more cash and improve the terms of the merger deal strongly back toward Nabi. They pitilessly gutted the deal. We were the first and second stupid little pigs and they were the wolf. They blew the house down.

Tried as I might, I couldn't find the previous status of their holding. So maybe that massive 167 shares are new.

If so, then maybe they see another undervalued cashbox.

3. Crazy Idea

Here's a crazy idea. What if Australian Biota shareholders established another company. Let's call it Ozbiota Pty Ltd (OZBI). It establishes a constitution designed primarily to increase shareholder value through representation.

Every share you hold in Biota entitles you to a share in OZBI. You sign over voting proxies over those shares to the new entity.

It elects a board.

The company raises enough capital to run. Might cost 10 cents per share to play.

It then becomes a significant holder in Biota Pharmaceuticals.

As a service to shareholders, it could co-ordinate and facilitate trading on Nasdaq on behalf of all Australian holders. Yes, sellers as well as buyers. It could assist in voting at future AGMs.

Would it work?

Crazy, huh?