It's true I hadn't considered the chain of events that a equity raising might trigger with respect to those takeover thresholds. As it sounds now that they will at least be seeking $180M+ then that will indeed be interesting.
I listened a bit to George Adams speak at the meeting earlier and I thought he was pretty frank and open about Synlait's woes, but not entirely inspiring that they will be able to turn things around. Apparently they still seem to think they can find a use for Pokeno, and they still don't seem in a massive rush to offload any other assets. So, it underscores that they a relying heavily on the equity raise.
He was pretty quick to shut down any question about the exclusivity issue though. He disputed that Synlait and A2M's relationship was "acrimonious" which I thought was pretty funny, but again the kind of thing you expect he would say.
I think I am just becoming less patient (and I consider myself a pretty patient person) on the capital management front with A2M. It's always 'wait and see', but I do agree fundamentally that the longer term Synlait situation is still a very valid reason to keep the powders dry.
A2M Price at posting:
$6.89 Sentiment: Hold Disclosure: Held
(20min delay)