I don't know its as simple as that. I do hope that we have not lost/ or will lose parts of the Morrison's team as a result of this. Nothing worse than being left at the alter. Your company has agreed to sell you and the buyer cannot get the money to complete transaction. I think I did post that the price seemed very high. so I am not that surprised they cannot raise the funds, As I understand it the attorney must have $7million in their account and we have the break fee of $3 million in our account.
All in all not a happy moment much like the Sargon OneVue deals...
However we cannot blame management as they did a great deal and the purchaser did pop $7 million into the attorney and break fee of $3million to us. If SEQ are to walk away it is a clean cut break. We know the deal and we have the Cash. The ongoing negotiations are a concern - surely they have the money or they don't. The next part is we want a discount - well then you are in a real difficult space - how can you partner with them and hold 20%. I think this is something that is either money by close of business tomorrow or goodbye any future approach your $3 million is ours and you have to start from zero.
SEQ Price at posting:
56.0¢ Sentiment: None Disclosure: Held
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