Seriously is this all a JOKE?
Hey I note that the DIA EGM is scheduled for tomorrow arvo in Melbourne at the lawyers offices. I would have thought that Minter Ellison would have done a better job on the addendum to the Notice of Meeting released last week though!
See 1.5 of the addendum 1st sentence, ..."on complettion of that acquisition and PRIOR to any new capital being raised under the Offer, the existing Shareholders will collectively hold approximately 2.4% of the issued shares"
Hang on, the acquisition cannot complete unless the capital is raised so should this figure be the % POST any new capital raised under the Offer?
Also re the dodgy buyback do you see that the vendors still keep 88% of their $85m in shares even if Pallane only generates sales of $1m in FY 2011...carrot and a stick you have to be kidding!
What do you reckon the value of Pallane will be if it generates $1m of sales in 2 years time? i imagine corporate costs will be $3-$4m minimum so answer would probably be NOT much...certainly not $74m which is what they are selling to investors under the current offer.
IMO this deal is doomed to failure and it will be interesting to see if Winteray has the $2m to tip into Pallane at a $40m valuation when this all falls over!
Good night, I'm travelling tomorrow so will have a look at your additional posts Tuesday.
cheers
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