Looks like we have some news at long last. ARK proposing a 20:1 consolidation of shares and a new issue of shares at 20c. If they raise the money via the share placement, they intend to acquire Bmax Holdings Pty Limited (Bmax), which holds 3 highly prospective, yet underexplored Iron, Nickel/Cobalt, Copper and Gold projects in Northern Queensland.
According to my calculations, previous shareholders are receiving approximately 1c value per share. This is based on the listing price of 20c.
What do other shareholders think of the acquisition? Personally, I would prefer a pure gold play but this might have been the best they could come up with. The company they're acquiring are receiving ARK shares so they must have some confidence in the projects otherwise they would would have negotiated to receive cash (in my opinion).
Good to have some news and action after so long.
Ann: Acquisition of Prospective Queensland Project & Recompliance, page-2
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