Good bye to all the weak hands, the yankee bondholders and the short traders. Thank you for all your cheap shares.
Come Monday the volume may dry up to under 40M daily and the neutral buyers can take all the cream as the market finally realises a proxy battle will ensue and the remaining shares are worth a lot more for the controlling stake. FMG or Gina will not be able to buy or sell shares but their potential proxies & aussie INSTOs still can for large profits.
AGO is a strategic well respected and well known producer whose paper scrip is worth $300M cash to 3 aussie Billionaires. Now let the Billionaires take control and show you how real substantial wealth is made from 4c.
It aint over till the either the fat lady sings or the good the bad and the ugly finish their final duel.
I want to congratulate MIN FMG & Gina for cleaning up the share register and bringing our beloved market darling IO producer AGO back into tightly held aussie hands under headlights.
A bid by FMG now to mop up any remaining shorts still is not out of the question as only some 10% remain non-committal imho. On my maths FMG has more voting sway in a proxy battle than 20% maybe even as high as 50%. Many holders remaining especially those long termers in at 20c-$4 like me will not vote for Ginas BOD nominees nor for her control.
If FMG acquires the debt or a majority of it or if Gina proposes a debt for equity swap she cannot vote in a conflict of interest in that motion meaning she may not be able to dilute the shares out in her favour. FMG has many options as their CEO stated.
You all forgot the ASX rules, 90% is required to compulsory acquire OR 95% (being 75% of bid volume ex the 19.99% stake) which will never happen either way. So I cannot see Gina compulsory acquiring AGO without FMG approval which I cannot see how they would agree to for a capital loss and loss of a "strategic" asset.
if FMG doesnt bid & HPPL doesnt acquire 80% then expect an EGM to be called and then the proxy battle to begin with a clean sweep of the AGO BOD and a debt settlement in shares again going to FMG +/or HPPL and then the buying of the tightly held remaining shares will be worth even more.
Who is going to control this strategic asset, the good or the ugly? I havent sold and will not sell not even for 20c. I wait for the FMG response and multibagger run.
