Yep - the Blumont episode has cruelled this.
They made a takeover offer with worthless scrip and CKA management were there sitting at the table talking to them (read ASX announcement from October 8 last year: " Cokal confirms it has been in discussion with Blumont Group Ltd (Blumont) about a US$77M funding package designed to fund the equity requirements for the BBM project as well as general corporate requirements. In addition discussions were also close to finalisation on a potential takeover offer of A$124m). Why were they talking to that crowd? Why were they as close as they were to exploring a deal? And why mention such a spurious $ figure which was only reflective of Blumonts inflated shares that have since collapsed from $2+ to a few cents)
And of course, all this allowed Platinum to move in and essentially control the purse strings now courtesy of the conditional funding offer that has been on the table since - when - oh, yes - 4th Dec. And of course Cokal has been telling us (since March) it is "being finalised". There is no hiding from these facts The market has made its thoughts loud and clear with the price drifting from 23c+ to 14c (-39%) in the last 10 months.
It is indeed, as Von says, the same old tripe that is more commonly known as "the recent history of Cokal"
Coop
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