Yes, but anyone can sign a deal with no conditions - which effectively means it's not a 'deal' as such (or at least not worth the paper it's written on). Transactions and deals can take months to work out and the shares keep trading (as long as the news doesn't leak then there is no obligation to announce anything until the deal is done). If they had taken the time to do a 'proper' deal with binding conditions, deposits, penalties etc - this wouldn't have happened. And even the market didn't have faith in it - a share with our market capo that was about to get (supposedly) $20m cash should have doubled at least.....but it did nothing.
This is why I believe the deal stunk. Anyone can offer anything - but the detail is what counts, and our deal clearly lacked detail. And here we are today. I think the new MD has done a pretty good job since he started. Craig Mackay was the issue - he stayed too long and achieved SFA....other than share price destruction.
Lets see what they plan to do now.
GMR Price at posting:
1.1¢ Sentiment: Hold Disclosure: Held
