Minerva could simply not settle on the remaining $18m and just forfeit the 500k rather than paying a huge premium. Would be very odd if they settled, an on market bid for 20% at 25c would probably easily get filled. Or maybe just settle, provide some secured financing then mop up the rest in a year or two for 5-6c and still a low cost takeover by stealth. At the current market price $18m is over half the market cap and they are definitely going to need cash soon, those directors fees need to be paid.
But shareholders need not worry about any nefarious intentions , the “independent” director who is interestingly paid by Natres services will ensure everything is above board and in all shareholders interest. Very glad I got out when this dodgy deal got announced and made a small profit.
MTC Price at posting:
15.5¢ Sentiment: Sell Disclosure: Not Held
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