Not necessarily. They will need to get a 90% ownerships of the...

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buddy134

24,386 Posts.

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09/01/18

08:26

Post #: 30146015
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Originally posted by blowthewhistle ↑

The winners are the dodgy directors and the rest of us who have seen the shares diluted over the years (not to mention the assets that were sold under the new management) were always marked to lose.

This is a day light robbery and ASIC has proven from time and again that they don't care about the people who are going to lose from these type of dodgy deals (its not uncommon). I am not sure what was the point of the directors buying in such a hurry in the recent months just to transfer their votes over to the bidder. Again, not sure if it was done to help the bidder get over 90%?

If there is a way to probe the network of the top share holders, directors, bidder and the Chinese govt , we may find how they are all connected. I am hoping there is no connection. Or maybe, we may find out how the price was kept so low (who were the buyers/sellers?).

The urgency to sell our proven asset for such a low value when the copper price is already on the rise shows the credibility of these directors. It makes me feel that they want to get this deal over the line in a hurry before the shareholders find out that our assets are worth much more.

However, dont they need to get 90%+ in order to make the TO confirmed?

If they don't get 90%, do they need to come up with a realistic offer?

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Not necessarily. They will need to get a 90% ownerships of the total shares on issue to enforce a compulsory acquisition on the rest of the shareholders which aren't willing to hand over their shares to them. NOT BEFORE!!!

Yet again when they have reached 50% plus one share of the total shares on issue, they have full control the Board and will decide what the company will and will not do. But, if I have to say something based on my past experience, don't ever hold your breath in waiting to get some dividend from a company which is controlled by some Chinese entity.

QMN Price at posting: 16.8¢ Sentiment: None Disclosure: Held
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