The EGM to consider the resolutions for the 2cps cap raise is on 5 June and we only have until 3 June to vote on these if we want to influence the outcome. Unfortunately, I will be stunned if they are not passed.
In retrospect this was a cunning move by management to get both these resolutions and the takeover offer accepted. The beneficiaries of the cap raise are institutional investors (and management) so these 2 cent shares are a gift if you can turn them over for 5 cents so if the are existing holders, they will approve the resolutions. As has been asserted before, many of the retail sheeple will simply not vote, as normal or will slavishly follow what they are recommended and vote in favour or give the Chairman their vote.
At the meeting to consider the takeover, these newly issued shares will be used to ram home the offer and the holders of the latest issued shares will cash in. Our only hope for a better outcome is a counter offer which becomes less likely with each passing day and IMO if such an offer doesn't happen by next week, it is unlikely to be made.
NWC Price at posting:
4.8¢ Sentiment: Hold Disclosure: Held
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