If the company had received the tax clearance some time ago, they would be compelled by virtue of the rules pertaining to continuous disclosure to release that information.
Unless a company considering making a bid is going to offer scrip, there would be no purpose served by making a bid now. Offering cash for cash makes no sense.
A bid is far more likely to be forthcoming once the company's share price goes ex-dividend as the market capitalization of the company will be significantly reduced. Additionally, there is a reasonable chance that a number of shareholders will be wanting to exit at that stage, once they have claimed the dividend.
We now have 2 entities holding a blocking stake, so any offer would need to win their approval. Both companies have their own reasons for their interest in our tenaments, no doubt, so are unlikely to be handing over their shares.
IVA is not going to be launching a scrip bid with its share price where it is at present.
So, I just cannot see how your suspicions can hold up to any tests.
EXS Price at posting:
69.5¢ Sentiment: ST Buy Disclosure: Held
