Ann: TOV: Poseidon Nickel Limited - Panel Receives Application, page-43

“The Australian Securities and Investment Commission is concerned Poseidon Nickel's $69 million capital raising could unfairly give control to Mr Forrest's Squadron Resources.
ASIC is seeking orders from the Takeovers Panel that would prevent Poseidon issuing shares to Squadron as sub-underwriter of the capital raising where the issue would result in Squadron's voting power increasing above 20 per cent without first obtaining shareholder approval under the Corporations Act.”
from jehosiwhats article which is what always struck me as very sneaky (but not unexpected) about it.
where is the SH approvals sort for any of this or was that telegraphed in the prospectus? didn’t see it f it was...
6c offer rejected for a 5c offer and no by your leave about it. Maybe this is what has ruffled ASICs feathers. the twig up to his old tricks.
Again as I have been bangin on about for years he was never going to ride in on a white horse and start throwin his money about for lth benefit
T
ps I suppose at 11 for the price of 10 fair value was around 4.5c?