Yeah and what is Indophil share price today? Who lost out? Indophil shareholders as they should have accepted the Xstrata bid given as the Crosby deal was not for real to begin with.
My research this morning disclosed the following: In its recent results ended June 2009, crosby Capital disclsoed a negaitve equity position of US$7m and loss US$12.4m in the 6 months
Although Crosby has cash of US$8.8m, it has a loan of US$20m which is due for repayment in less than 18 months Surely Crosby is bankrupt? Surey Gujarat NRE will do its own homework as will Rey and others and work this out?
How can a company with the financial position of Crosby be allowed to launch a takeover offer? Where can it get the money from? Or are they deliberating making bids that will fail - as it seems very unlikely that Directors or Gujarat will sell to Crosby and both parites have blocking stakes.
It seems Crosby has continued to lose money for the past 2 years and its market cap has fallen from over US$300m to around US$7m. Yet it continues to launch bids which seems destined to fail for ASX companies. I am very confused.
Also it is a co-incidence that Gresham seems to be the defense advisors on a number of the Crosby deals?
Who is really behind Crosby. It seems from their website that the CEO is Ilyas Khan and maybe this means that Crosby has Middle East money behind them?
REY Price at posting:
23.5¢ Sentiment: None Disclosure: Not Held
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