I'm still not 100% convinced that the only reason to bump out the date for consolidating the share capital is because it " both simplifies and expiadites the implementation of the merger and conditional placement "
I acknowledge that there are a few ' fiddly ' administrative details to ensure takes place like obviously the 29 days before the meeting to approve must advise ASIC by lodging a form 2560 , and to advise of the EGM date.
You then have to advise ASIC with a FORM 2205 within 14 days following the meeting to advise them of the outcome of the shareholders vote in regards the consolidation.
After that you then have to advise ASIC again within 28 days of the completion of the share capital consolidation - ie in our case , 28 days from the 1st of September being the effective date of the consolidation . So that brings us to the 29th September being a Monday in ASX trade with overseas counters not coming online until the following day.
So within that 28 day period , they have to advise ASIC of BOTH the changes to the Company's share structure table as well as a revised Top 20 ( which I would assume may even be issued to Shareholders as early as the 9th or 10th of September following issue of shareholder holding statements.)
However , I'm scratching my head here as to what ' other ' things could effectively transpire in that rather open ended period between 12th August when effectively we will have merged with Piedmont ....so shares issued to Piedmont holders would have to occur FIRST.
So in my view , that would put Piedmont Institutional holders in the ' prime ' position with holding balances ........and especially where there are obvious ' mutual Top 20 Institutional holders common to both register currently and which had been discussed some time ago in a separate forum discussion relating to ' Control ' across the respective Top 20 registers.
And so that's where we are then in this ' Dark ' ...blackout period if you like between having merged with respective share allocations to the proposed ' extended ' share capital consolidation event.
And lets call it an event because effectively , if you were an acquirer or even an interested party undertaking further due diligence on a project or projects that Elevra had in its domain , you could effectively be able to BUY more under the volume guise of having a much larger SOI ....temporarily until the consolidation goes through which then becomes a different strategic scenario in acquiring a near controlling stake.
Regardless I guess .....is the fact that we should have an indication of potential posturing when these potential ' Common ' holders become ONE on ONE register when the company merge is complete and substantial notices and / or changes have to be lodged with ASX.
But if someone else were to be hovering in that same time period and wanted pounce ' pre -consolidation ' ......like maybe it suits them due their own share capital construct - vis a vis , a potential script bid lets say........, What would be the trigger , or the main attraction for such an event ? Would it be Moblan ....or would it be to ' split ' up the company for its ' Break-up ' value. Maybe this is why Dow has stated it will be ' Lithium ' only .....Maybe there is something more to whats going on here. The sum total of the parts etc...
...Keeping in mind that Sayona is potentially sitting on ' Other ' critical and based metals potential in a lot of its land packages.
You also have the fact that the once averted
' Poison Pill ' of an off-take will at the time of the merge completion be GONE !! for any potential interested party / parties.
Anyway , I don't think that pushing out the consolidation is just for the ' ease ' in implementing the merger and conditional placement , but more to enhance the effect of the merger and conditional placement. What that looks like is anybody's guess right now.... as that's all Corporate shenanigan ' Play '.
Whatever the case , I'm looking forward to an exciting 2 week period of trading activity between 14th August and 1st September if not sooner.
(20min delay)