Most likely some sort of poison pill to fence off the raider (a lot more shares for them to buy). If a large chunk of new shares are placed with a "friendly", it will make the takeover that much more difficult. Management does not want to sell, perhaps they have not milked the company enough yet.
Ann: Media regarding approach from SQN Investors, page-44
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13.5¢ |
Change
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Mkt cap ! $110.9M | |||
| Open | High | Low | Value | Volume |
| 14.0¢ | 14.0¢ | 13.0¢ | $168.0K | 1.236M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 10 | 234183 | 13.0¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 13.5¢ | 212163 | 6 |
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