elphinstone in partial takeover offer, page-7

cant understand why you think elphinstone is so good - notice even lindo ( who seems to know his way around ) thought so.

look at the bidders statement, it is nothing but a big scare, and much we have to be fearful of is elph holding the company to ransom! they are very big on their threat to exercise their put option with repect to greentrains and need the money in 20 days of doing so!! this deal was ordinary from cootes point of view but also from elph - we assume if they get control or a bigger shareholding they may not exercise the put, but they will probably leverage another sweet deal first - maybe more of greentrains at a bargain price!!

so , look at what elph has done -22m conv notes at 17c and paying 8 or 10 % interest!! tipped 6.5m into greentrains but with a put option! --yes, the 30m at 26c was a bit more of a reasonable deal for shareholders, but the rest was a joke!!

even in a firesale of sorts, the 17c would have been pretty safe



nowhere in the bidders statement do they mention how they are going to "help" overcome any liqidity problems -none of the money they are outlaying is going to help coote and its liquidity problem which are probably now not so bad with the bank refinance, and the likely sale of south spur(can elph stop that?)

obviously after they get control they will "generously" buy something to "help"any liquidity problem


yes, lindo i noted your comment about better than losing the lot, but coote is swimming with a big shark, and his teeth are not just for smiling!!

i am glad i only have a small holding and cost of some at 45c odd and then 19c - i guess i hope that he gets some more shares but not too many

i do wonder how this can happen - a proportional offer that gives possible 50% control - i didnt notice any mention of a special waver bt one must have been granted!