I think the delay is due to the directors trying to organise a capital raising and recapitlisation, using Cupric as a vehicle (because they will need someone to back them if it comes to a stoush with CFC).
I also believe that the directors are not necessarily acting in the interests of a majority of shareholders.
If they spurn CFC, then I believe CFC will cause a spill, there will be an EGM called at which CFC may possibly reveal that they increased their offer to around 40 cents but that the directors still refused to agree.
Everything may subsequently come down to a vote by shareholders, keep the current board and go with Cupric + Banks + Capital Raising, or replace the board and accept maybe 40 cents a share from CFC.
Either way, I still believe this has a long way to play out, which will test everyone's patience.
I seem to have been in this situation with too many stocks over the past 2 years, so although I know (and expect) quite a few people to disagree me, I can only go on my recent past experience and what has worked out the best for me over the past 3 occasions on which this kind of thing has occurred.
I will support a takeover by CFC (and vote accordingly).
It has been disappointing that shareholders have not been provided more information on what is going on, in an open and honest manner. This board leaves us all to keep guessing and speculating, while allowing the entity to keep trading and be subject to numerous stock price manipulations.
They should now accept the 35c-40c CFC offer (if it is still on the table).
These comments are just impressions, and they may be wrong impressions. Shareholders should have more information. The stock should be in a trading halt (then shareholders can be given lots of information with impunity, because it would not affect the stock price).
I still think the directors will recommend a "Cupric/Bank/Capital Raising" recapitalisation, and that CFC will then call for a spill of the board, and vote, but like everybody else, I don't really know. It is fun to speculate though, and it makes the game a lot more interesting.
Gw
DML Price at posting:
15.5¢ Sentiment: Hold Disclosure: Held
