$74m offer accepted, page-357

I didn't mean to post until we had more information; but it's Sunday and I've been chewing over the last announcement.

In addition to the 3 conditions announced following AGS's acceptance of the $73.975m Offer, we've now been advised of another condition:  the requirement for ACE and Quasar to file a stay of court proceedings in the Supreme Court of SA.

The notice says: If shareholders do not approve the sale then either ACE or Quasar may apply for an order lifting the stay.

Are we damned if we do, and damned if don't ?

1. If shareholders approve the Offer then the plaintiff (ACE) will withdraw the proceedings.

2. If shareholders vote No against the Offer then either party - ACE or Quasar - may apply for the stay to be lifted.

If shareholders vote NO Quasar can apply to lift the stay. Is that why the offer is so low ? They are confident and we are not ? Not to mention that we have no money

And the Board is unanimously recommending that we vote Yes, to accept the offer !

It seems to me unconscionable that trading has been allowed to continue while shareholders have no details of the transaction.

Surely a Trading Halt should have been called until all shareholders were better informed ?

Without these details long term shareholders have been crystallising huge losses based on their arithmetical  estimate of AGS'a future value post transaction, and their subjective view of future value based on their knowledge of the company's decisions and performance to date.

GL everyone with your choice. Let's hope the company does the right thing and informs shareholders ASAP why they are unanimously recommending that we support the sale.

PS I've changed my sentiment to Hold even though in reality it should be None.