What else can you expect from HOV Promoters ?…they continue their Cloak and Dagger Game

What Did I tell you about HOV Services in this morning’s blog  and in the warning blog just one two days ago !

They have now just released to the BSE the outcome of their Board Meeting Today to discuss the Material Transaction Proposal…Have a Look below

Corporate Announcement

Scrip Code:532761   Company:HOV Services Ltd  
 

                     08 October 2008
Subject: HOV Services – Outcome of Board Meeting
Announcement: HOV Services Ltd has informed BSE that the Board of Directors of the Company at its meeting held on October 08, 2008 had resolved to empower the Steering Committee consisting of the Independent Directors to continue the negotiation with the buyer, to remove any variability in purchase consideration linked to the share price of the Company and any other contingency. The Board had viewed the Letter of Intent of the buyer, Valuation Report, draft of the Fairness Opinion and fully concurs with the documents and keeping in view the present market conditions, decided to postpone the Transaction in the best interest of the shareholders’ till further notice.

  

If the Offer is for US $ 202 Million and terms and conditions proposed are the same as that in the Original Offer of June 2008,then it would be irrational for the Board not to accept the Offer !

How can they say that they have postponed the Transaction in the best interests of shareholders when the market price is Rs 60 and each shareholder would be getting over Rs 150 per share held on distribution of US $ 91 million of the US $ 202 Million  plus get to retain the share too !

Who are they fooling ! ? They should have worded it ” In the best interests of the Promoters”

And so very Funny !…Promoters are to continue negotiating with themselves,albeit through the Steering Committee which includes Independent Directors…So what are they going to continue Negotiating !

BSE and SEBI must investigate into this Nonsense and Mockery

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