Has anyone tried to make contact with the TIC directors to ascertain their intentions? If I was them I would be pissed that I received a large share holding (11,300,000 shares @ $5.3095 = $60M) as part of the takeover of their company which is now worth only $9.5M!! Surely they would want to hold the shares just to spite RG. Especially given it would appear the company has been manipulated down to allow him to take control. Given they are holding ~3%, they are most likely one of the main keys to the takeover being successful.
At this stage I cant see his holding increasing significantly. Without his holding reaching 90% and CA, the chances of delisting are ZERO.
Our best hope is he sits tight for 6-12 months and then makes a more suitable offer to the remaining shareholders to allow him full control of the company. His intention is to clearly take 100% control and keep it that way. Similar to VISY. He has used the sharemarket to build the company to what it is now and going forward he doesn't need the additional capital it affords him. Very clever by him, but very bad for minority shareholders.
PGH Price at posting:
84.5¢ Sentiment: Buy Disclosure: Held
(20min delay)