So...where to from here? The CoreGold vote is next week and the numbers are a lot closer than the Board would have us believe...in part because they haven't seen fit to advise CGLD shareholders that the TTM financing was done at 0.015, not 0.024 or that TTM could be faced with millions of dollars in fines, clean up costs and legal claims for their environmental damage at Tulin. I don't blame Titan or it's Management for that...that's all on the CGLD Board for failing to disclose material information to shareholders in a weak attempt to try to win the vote by any means possible...legal or otherwise.
Let's say that the yes side wins, just for shits and giggles. Canadian Regulators have already been advised of the actions by the CGLD Board and have acknowledged receipt of the complaints. The wheels of justice turn slowly on this side of the ocean, so who knows when the complaints will actually get addressed. The next step however is for the merger to undergo a "fairness hearing", whereby all facets of the deal/actions by the Board will be put under a microscope. While the Board may hold just enough yes votes to pass the merger, the Courts will take the 50 or 60 million no votes into consideration and in all likelihood, not endorse the deal.
That leaves CoreGold free to consider one of the other offers that have come forward and life goes on. Titan on the other hand, is left with minimal assets, a huge share structure, a listing that may or may not continue once the ASX finishes it's investigation into their misrepresentations in past financings and, unknown potential liabilities in the aftermath of the Tulin environmental claims.
I truly hope that both Company's come through the other side of this in one piece. The shareholders on both sides of this deal deserve that...we've been through enough already. Turtle56
TTM Price at posting:
1.6¢ Sentiment: Hold Disclosure: Not Held
