"So investors were doomed regardless, but I've managed to...

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soggywinks

591 Posts.

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30/04/16

15:25

Post #: 17641889
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Originally posted by tt2000 ↑

What makes you think I'm happy?
I would be happy if the deal closed (as per the unconditional agreement).

Do you think I enjoy losing money and having to sift through the Corps Act, and announcements in my spare time?

The truth is that I'm fuming but I'm not going to just let this pass.

The announcement was too good to be true but I needed ASX involved to give me comfort that I hadn't been scammed - after all it is the ASX not a Nigerian email.
The US$250m announcement warranted a share price of $0.80+, but AZZ was trading at $0.30.

The market is all knowing, surely I didn't stumble across this arbitrage? I needed to understand what this discount to 'fair value' was and why it was being applied. There should be no 'Director discount'. An announcement made and released via the ASX should be able to be taken on face value as fact (without needing to clarify with the ASX).

As pointed out and repeated by numerous people now
1. I did not cause a loss of opportunity for investors - AZZ did that by not complying with their listing requirements and then failing to complete the sale and purchase agreement with no conditions precedent.
2. I saved investors that may have otherwise bought into the news and hype of this transaction.

So investors were doomed regardless, but I've managed to restrict the damage done.

The only question that remains is how did these announcements comply (or not comply) with the Corporations Act that is designed to protect investors from Nigerian email type scams

Expand

"So investors were doomed regardless, but I've managed to restrict the damage done."

That is the executive summary that all you whingers need to understand.

AZZ Price at posting: 50.0¢ Sentiment: None Disclosure: Not Held
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