CNNC don't have to buy LHM at fair value.
They can just wait and let CIC not agree to the bondholder deal, and then when PDN become insolvent pick up LHM at the fire sale.
Even in todays announcement PDN are talking about "certain solvency-related scenarios",, That means that at the moment they are not talking about restructuring the company, due undoubtedly to CIC not agreeing to the restructure. PDN are telling us that a "solvency-related scenario" exists.
Unless they are becoming insolvent there is no reason why they should not have removed the trading halt with the release of the document this afternoon. But it could be argued that they can remove the trading halt before asx opening tomorrow morning.
And if they are planning on doing that then they will remove the trading halt in Toronto tonight our time.
We will see in 5 hours time
Ann: CNNC Purports to Exercise Langer Heinrich Call Option, page-61
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Last
$10.10 |
Change
-0.005(0.05%) |
Mkt cap ! $3.034B | |||
| Open | High | Low | Value | Volume |
| $10.15 | $10.25 | $10.03 | $4.971M | 489.7K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 5 | 524 | $10.09 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $10.10 | 2434 | 9 |
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| Last trade - 11.40am 22/08/2024 (20 minute delay) ? |
| PDN (ASX) Chart |