Ann: Trading Halt, page-29

The announcement mentions "funding arrangement" and "control". Given the timing, it's most likely the first move in a low-ball TO.

Assuming this is what's happening, in the near future SH are likely to receive an offer document, endorsed by the company's Directors, recommending SH accept some amount for their shares. The document will likely say something like "...in the absence of other offers and no other sources of funding Directors recommend shareholders accept the offer...". Naturally every SH will have to make up their own minds about whether or not they accept, but the offer presented will not necessarily be the best offer. I mentioned in this post, that if someone wants control they should be prepared to pay a premium for it.

Assuming this is how things pan out, SH should consider holding out for the best price possible.

Does anyone want to have a punt at what price SH should accept from someone who will be able to do something with control of the company, i.e.:
Maggy's lease, permits, EPC and any agreements in place with prospective customers
+ BH site and permits
+ OSMR IP

Does USD150m ~ AUD229m or 40cps sound reasonable?

Maybe that's too generous. Arguably >50cps, given IDG paid that and didn't get control of the company.

@andy bee: what are your thoughts on what would be fair? Have you been approached by a suitor?


For reference, @MoneyBags1348 posted this about TO a few weeks ago. I posted this about Listing Rule 7.1 and this about Section 708, Subsection (18) of the Corporations Act - section applicable to exemptions from disclosure, i.e. how funding can be achieved without a prospectus or meeting of shareholders, etc.