Originally posted by vinmiao
I am very surprised that Lanstead would agree to this. Why would they??
Quick note. The key takeaways from the announcement for me:
1) "the Board considers that the current share price does not fairly represent the underlying value of the business; and
2) While at the same time presenting the strength of the Neureninvestment case to a range of sophisticated international life science investment funds in coming weeks.
Finally, the directors are publicly showing their strong support for the deal. I have heard supposedly they've been shocked by the reaction but nice to see confirmation by way of ASX annt.
As for why Lanstead would agree, likely because the majority of their tranches were exchanged for shares at higher prices; thus we have aligned interests, as both parties are shareholders, and possibly it's not really in the spirit of the intention of the agt being for Neuren to benefit of the price exceeded the benchmark price of $1.77 in todays terms.
Anyway, good to see evidence that the directors are active i) negotiating this and ii) presenting to funds.
Cheers
5x8's
(20min delay)