Dumb fuck award goes to Forge Group (FGE) management

For not only accepting but for soliciting an offer from Clough of $2.10/share. The morons not only short change themselves but also shareholders in pursuing their exit strategy.

Independent advisor says offer is "NOT FAIR AND NOT REASONABLE" and estimates values of shares at between $3.74 and $4.13.

Peter Hutchinson, the Management Director is still bound to selling half his shares and options at $2.10, gives control to Clough at below market price and easily qualifies for senior moron status.

The directors who previously okayed the deal now abstain, while one independent advises against accepting.

The $2.10 which FGE management has accepted is :

• a discount of 18.6% to the closing price of Forge Shares of $2.58 on 13 April 2010, the day before the date of this Target’s Statement;

• a discount of 9.09% to the closing price of Forge Shares of $2.31 prior to the Announcement Date;

• a discount of 0.94% to the VWAP of Forge Shares of $2.12 for the 1 month prior to the Announcement Date; and

• a discount of 1.87% to the VWAP of Forge Shares of $2.14 for the 3 months prior to the Announcement Date.

These fuckers must be desperate to exit and this can't be good news for FGE as an ongoing concern.