Not so sure this is good Billy.
This may be getting a little concerning. The TO panel maintain that they respond to submissions within an average of two weeks. In another day or so they enter their fourth week on this one. I can only assume that they have asked ABM for more information to substantiate PRC being given the role of underwriters when they are the largest shareholders as well. I imagine that ABM would have to convince the panel that the funds are needed and that this was the only sure way of getting the deal done. No question that they can prove the need for the funds, but how far did they cast the net for underwriters? Did they give unfair preferential treatment to PRC by way of back door deals? APAC will ask the panel to delve and ensure total transperancy. Unfortunately, now there is a possibility that some dirty laundry may get hung out and there is an outside chance that if the panel don't like the smell, they could refer the matter to ASIC. That would be a terrible result for ABM at this stage. I hope that there are some simple points of clarification holding this up. Without the funds ABM is on the road to nowhere unfortunately for us all. If PRC threw their hands up and quit this who is likely to underwrite the RI?
Fingers crossed
PB
ABU Price at posting:
4.7¢ Sentiment: Hold Disclosure: Held
