Photon Group Continues to Buy Dark Blue Sea Shares
Monday, August 10th, 2009
Battle over Fabulous’ parent company continues to escalate.
Photon Group Limited, which is trying to force out the Chairman of the Board of Dark Blue Sea and place two of its own on the board, continues to buy shares in Dark Blue Sea.
According to a regulatory filing (pdf), Photon has acquired nearly 1.8 million shares of Dark Blue Sea (DBS.AX) on the open market since the beginning of July. The biggest acquisition was 1.227M shares on August 5 for 25 cents each. Photon’s heavy buying activity has caused Dark Blue Sea’s share price to almost double during the buying spree, sending prices up from just 14 cents at the beginning of July to 26 cents per share today.
Photon now controls 30.55% of votes in the company.
Dark Blue Sea operates domain name registrar and parking provider Fabulous, as well as the Domain Distribution Network domain name sales platform.
Further Reading:
- Photon Group Submits Formal Takeover Offer for Dark Blue Sea
- Takeover Bid Launched for Dark Blue Sea
- Dark Blue Sea Accepts PGA Buyout, What Does it Mean for Fabulous?
Tags: dark blue sea, dbs.ax, fabulous, photon group
Photon Group Continues to Buy Dark Blue Sea Shares – http://tinyurl.com/l2cryu
So what do you think Photon will do if it acquires a majority stake? Will they just split Fabulous up and sell it off? Who would buy it?
Ross – good question. They obviously don’t think current management is maximizing their return. With an illiquid stock they can’t keep buying on the open market, though. That’s probably why they are trying to take over the board.
Andrew, please keep us posted on this. Thanks.