Thought I'd have a look at who was advising ADT for the takeover.....Turns out RBC Capital Markets is a division of The Royal Bank of Canada.....Hmmm?.
So a UK company operating in Bosnia with a predominantly Aust shareholder base... and presents itself to the world in $AUD terms... chooses a Canadian bank to advise them......while potentially being taken over by a Canadian mining company.......Strange choice?.
Oh..... and the first mention of RBC's relationship with Adriatic is during the $80M capital raise in Feb 25.........Where significant influence was given away to major shareholders.
So do Dundee have any dealings with RBC??.......Well......Turns out RBC have provided broker coverage of DPM for a number of years and managed their share buy back program last year...... So quite a close relationship.
From my lawyer Mr Grok:Context and Importance - Rule 20 of the Takeover Code UK
Fairness Principle: Rule 20 is grounded in General Principle 1 of the Takeover Code, which mandates that all shareholders of the offeree company be treated equally and given sufficient information to make informed decisions about an offer.
Preventing Insider Advantage: By ensuring that all shareholders have access to the same information at the same time, Rule 20 prevents certain investors (e.g., large institutional shareholders) from gaining an advantage through private briefings or selective disclosures.
Applicability: The rule applies to companies subject to the Takeover Code, including UK public companies listed on a UK regulated market, multilateral trading facility (MTF), or stock exchanges in the Channel Islands or Isle of Man, as well as certain private companies that were recently publicly traded (within a two-year period as of February 2025, per recent Code amendments).
(20min delay)