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Gold/Mining/Energy : Saxon Petroleum (SXN-TSE)
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To: snooker who wrote (9)6/25/1997 11:48:00 PM
From: mark calgary   of 24
 
I dont see where any major blocks of shares have changed hands. Those who prevented a takeover last time round are bound by law to be watching out for the interests of all shareholders. The purchaser of a company has only one objective in mind. That is to purchase the assets as cheaply as possible - I would much prefer to have people that have a major stake themselves watching out for our interests than the company that wants to take us over - DONT YOU ????? I dont think any of those who resigned have sold any shares. I think the point that you are missing is that the board of directors MUST represent all shareholders, not just the big ones. If you think that Forest's interests are the same as yours, then you should sell Saxon and buy Forest. Remember it is because the board fended off the buyout that you and I are able to sell shares at $.80 not .40 as it was a short time ago.

The big question is what prompted the board to resign. If you accept the fact that they ( former directors ) have a lot to lose by not being in control, then why would they leave the door open for Forest to control the board - ergo the company. Something cant be right at the company for a board to resign - the only thing different is the presence of Forest - what does that tell you???
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