Ann: Share Sale Agreement with gridGomm, page-125

Yes we are still in a holding pattern waiting for the deal to be done... IMHO.

Here's why ...

4 Key "Terms" of deal  to be satisfied

1. Due dill by both parties (ODN have completed their Due Dill,  gridComm have not to my knowledge)
2. Final 6% of gridComm share holder(s) to approve (94% have apparently)  
3. ODN shareholders approve (This should be a formality)
4. Securities Sale Agreement signed .. This was done today

I suspect that your won't see the final 6% of the gridComm share holder(s) approval until gridComm has completed its Due Diligence... Put simply, I  wouldn't approve RTO unless Due Dill was completed ... would you?  No doubt this is the gridComm escape the deal clause if needed.

On the announcement it suggests 6% remaining undecided as a shareholder  (Singular) not shareholders (plural) have not yet approved the deal. So it could be Due Dil and 1 guy holding up the show


So a step forward was made today and another of the terms satisfied ... but a few to go.

I suspect the Due Dil for GridComm will be around the existing ODN mgmt and bonifides of the Company, ASX Listing and the process to do the RTO and OZ and Singapore legal requires therein. Should be fairly routine unless there is a personality clash... However I would expect that the of existing Mgmt will be culled and only those with large original ODN shareholdings "may" remain on the board but that is probably also unlikely.  To be honest the gridComm mgmt team/board are in the drivers seat on this.  Its their call. But there have been many RTO's go through on the ASX in the last 12 months The process as far as the ASX goes is fairly routine ...


When the deal is finally done she will rocket IMHO... That could be tomorrow next week or weeks away ...who knows.  

But we are making progress...