The bitter four-year battle between hybrid holders and ordinary shareholders at paper distributor Spicers is finally headed to a sensible resolution that should pave the way for a re-rating of this beaten-down stock.
After multiple failed attempts to resolve a problem that left the company’s strategy completely paralysed, Spicers shareholders and hybrid holders will next week vote on a scheme that will allow the hybrids to be exchanged for shares.
This is a textbook case study of a board and small management team working towards finding a pragmatic solution while simultaneously bringing the company back from the brink of insolvency.
Much of the praise for the resolution of these issues must be heaped on Spicers chairman Robert …
Read the full article at: http://www.afr.com/brand/chanticleer/spicers-facing-a-resolution-to-its-longrunning-hybrid-problem-20170608-gwmze9
