Poison Pill?
As the second largest shareholder in Bag & Baggage (as of 2 minutes ago) - I vow to fight this hostile and unsolicited takeover bid with every fibre of my being.
It is my considered opinion that the MLOD bid is a bogus attempt to artificially grow market share by use of the worst kind of Wall Street asset-stripping tactics.
As is immediately clear to anyone watching this story, Mr. Turner has failed to articulate any opportunities for synergy between his organization and B&B. Nor has he spoken to the impact on individual employees and their families should this praetorian takeover bid succeed.
Further, it is my firm belief that Bag & Baggage has inherent future value that is being completely ignored in MLOD's underhanded attempt to take advantage of a soft market to scoop up this valuable property.
Readers, shareholders and other interested parties may want to take note of the fact that, as of this writing, Mr. Turner currently holds 1214 shares (or approximately 24%) of the issued share capital of MLOD, but 39% (1950 shares) of Bag & Baggage.
Clearly there is considerable inherent value in Bag & Baggage; value that is indeed further validated by Mr. Turner's interest. However, as a loyal, concerned and committed shareholder of B&B, it is my firm belief that Ms. Denise Howell and her current management team should be allowed to continue to execute against their stated business plan, without further interruption or distraction from such trivialities as this ill-advised bid.
If If Mr. Turner prefers to remain invested in Ms. Howell's shares rather than in developing his own business, that says something about the real value of MLOD.
If Mr. Turner wants to sell, I remain willing to help him find buyers for his B&B shares.
Michael O'Connor Clarke
Chairman & CEO, I Love Me, vol. I
