Ann: Second Supplementary Bidder's Statement, page-8

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VYR

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19/05/18

15:10

Post #: 33209248
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Originally posted by VYR ↑

"I've also been advised that MDL have allowed the two biggest clients to take a look at the operation and books, they could actually buy TiZi (not MDL) and then exercise the option and buy Eramet out."

That is very interesting. Through the takeover route ERAMET aren't exposed to the reverse option so didn't need to consider the consequences that are involved in making a low bid.

If that pans out it adds a whole new dimension to putting the thumb screws on ERAMET. Maybe even makes the dilution we had to have to maintain 50% worth while.

Not sure giving the cash to MDL through the sale of 50% of TIZIR is an attractive option.

I guess the sale of the only asset would require shareholder approval and the board would have to have a good plan for distributing or using the cash to get shareholder approval.

Interesting days ahead.

I guess another alternative would be if MDL could get someone to underwrite a rights issue they could make a counter bid for ERAMETS share at what they recon is a fair price.

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P.S.

On reading the brief disclosure of the JV conditions in the bidders statement there doesn't seem to be a break up "sell or buy" option unless there is an unresolvable disagreement about one of a number of things.

MDL Price at posting: $1.70 Sentiment: Hold Disclosure: Held
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Ann: Second Supplementary Bidder's Statement, page-8

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