What is the next move?
Gina can extend the offer or close the offer and let the market determine the share price.
Andrew and market speculators hold about 26%, recalcitrant retailers about 3% and Gina about 71.3%.
The next strategic threshold from Gina's point of view is 72% share holding. So, she may extend the offer for two weeks and attempt to acquire the required 0.7%. Once she passes 72% threshold she may close the offer and buy the crucial 3% on market. When 75% threshold is obtained doors open to many possibilities, the obvious one is delisting.
If the above scenario eventuates, the recalcitrant shareholders may have opportunity to sell their holdings at a price higher/lower than 4.2c during the time when Gina is buying 3% on market. Those who hold would face the dilemma of going to bed with Gina and face together the brave new world of collapsing low quality IO price.
Of course she my come with some brilliant idea regarding Atlas's hidden possessions.
The chance that those who bought shares at 50c or higher may possibly recover their losses are next to nothing. The only hope would be massive oil, gas, gold..... discovery.
AGO Price at posting:
4.3¢ Sentiment: None Disclosure: Not Held
