So Sidero in the last substantial shareholder notice had 9,348,588 (the sum total of the Directors shares) plus a grand total of just 758,258 from other shareholder acceptances (i.e at $2.50).
Meanwhile in the last 9 trading days over 8 million shares have traded ABOVE the $2.50 offer price.... methinks (hope) a blocking stake is being assembled by someone.
Given that accepting the takeover offer. (a) precludes you from benefiting from any superior proposal; (b) relies on the offer becoming 'unconditional' or else you are given your shares back without interest on the loss of control. (AND so are the Directors given their shares back)..... (c) To be 'unconditional' Sidero needs to get to 90% and in that case they can compulsorily aquire your shares for $2.50 ANYWAY.
WHY WOULD YOU BE CRAZY ENOUGH TO ACCEPT NOW?????
The only downside is that Sidero don't reach 90% but declare the bid unconditional anyway and the price drops later and we miss out....but considering I think Sphere is grossly undervalued that is a risk I am prepared to take!
SPH Price at posting:
$2.57 Sentiment: Hold Disclosure: Held
