Hi Sarge
The point is that they put out a specific ASX announcement stating that there would not be a capital raising. No where have they come out and said to the market that this announcement no longer stands. All cards on the table does not cut the mustard.
If they are going to do a capital raising at anything less than the highest price since the original announcement, they will be in for the mother of all class actions.
You may think that it is a simple issue, but it is not. As it is they are already in breach of the ASX rules in not disclosing to the market the take over when they received it.
Pear
$3bn Capital Raising, page-16
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