14 miles to gotham city
Your headline is wrong. Do the maths:
The independent directors are only recommending the offer of 12 cents in terms of the OLD ordinary shares. As these old ordinary shares only make up 1/15th of the new company and only 128M are not held by Mongosse or Glencore out of a total new issued capital of 6,900M shares, this offer only applies to 1.8% of the total remaining shares.
They have NOT given a recommendation on what to do with the new ANLN shares.
After the rights issue, the DILUTED sh'ings are as follows:
Glencore 46.3% Mongoose 41.1% Public 12.6%
Neither has control. Glencore is 256M shares away from total control. Mongoose is 616M shares away from total control, although in reality prob about 49% of the shares would be enough to win a vote if it came to a meeting because of the lazy ones who would not vote etc.
I do wish people would make the effort to do the homework.
