My guess that it is not about the term of the sales agreement. It is about the incompetent management TS and his gang don't know how to response to us the angry shareholder. Remember last month, I raised the question about the shareholder approval on the sales of project and I received a formal response from ASX that the sales of IGC's asset reuired S/H approval and IGC is arranging the EGM and then everything gone quiet until now. If the sales is going to go thru, TS should arrange EGM long before 15th July but he doesn't, I reckon TS is not sure what to do, there are two scenario in this:
1) Go ahead with the sales to NKP and arrange the EGM
The management have to face the music and S/H. there is a possibilty that they might got kick out of the board by the angry S/H, I think TS reckon this is too much risk for the management to take, once they got kick out, their corporate reputation is gone dowm the drain and they might loss the CFE GFE and whatever board seat they are holding because of this IGC debacle.
2) Renegotiate with NKP for a better deal for IC S/H
Go back to the negotiating table with NKP and work on a sweeten deal for IGC to shut the S/H up. In this case, it is good news for the S/H and we might get a better deal.
As I mention in my previous post, the dealing on this sales by theIGC management with NKP is very doogie, it is full of conflict of interest and IMO the deal is misleading to the S/H. IGC management is walking a very thin line on this and if they make a wrong move everying will collapse on them, I hope they'll come clean and do the right thing for the S/H by renegotiate with NKP for a better deal.
I'll monitoring this matter closely and I will not hesistate to contact ASX and ASIC if I notice any doogie deal is pulling out from TS's head. As a S/H, we have the right to be information on what the company is doing for our investment.
Ray
IGC Price at posting:
23.0¢ Sentiment: Hold Disclosure: Held
