Wombat - use the Grey spectrum, we are definitely in shadow territory now
I've stayed quiet during this process as I believe we will get to 90%, but I've thought about the following possibility if we don't get to 90%.
If MEP remains a listed company due to ADN not gaining 90% to force completion of the takeover, then they remain the 25% owner of the Great White deposit (and 50% owner of Natural Nanotech). With ADN now controlling the MEP board, they could declare a "Decision to Mine" (not sure if a DFS / BFS is required to make this declaration). At this point MEP would be required to stump up 25% of all required CAPEX.
Let's say that the CAPEX MEP is required to provide is $8 million (not unreasonable given the $45 million ADN raised last year). Since ADN controls the board and 89.5% of the company (as of today), they could issue a Share Purchase Plan (i.e. only involving existing shareholders) at full value (i.e. not at a discount which normally happens) - maybe even at a premium. Under these conditions will the 10.5% non-ADN MEP shareholders stump up anything for the SPP? If only a few of those 10.5% non-ADN shareholders fail to chip in, then ADN acquires enough MEP shares to go over 90% - and allow compulsory acquisition to occur.
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- Ann: Notice of Change of Interests of Substantial Holder for MEP
Ann: Notice of Change of Interests of Substantial Holder for MEP, page-60
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Last
0.9¢ |
Change
0.001(6.25%) |
Mkt cap ! $27.14M |
Open | High | Low | Value | Volume |
0.8¢ | 0.9¢ | 0.8¢ | $2.289K | 286.0K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
44 | 15826993 | 0.8¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
0.9¢ | 24692679 | 21 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
43 | 15626993 | 0.008 |
30 | 18235701 | 0.007 |
17 | 10563123 | 0.006 |
7 | 7125000 | 0.005 |
1 | 4500000 | 0.004 |
Price($) | Vol. | No. |
---|---|---|
0.009 | 24692679 | 21 |
0.010 | 23854328 | 14 |
0.011 | 16993479 | 8 |
0.012 | 23711434 | 9 |
0.013 | 2351111 | 6 |
Last trade - 11.47am 03/09/2024 (20 minute delay) ? |
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