$1.01 would look a bit suss lol, almost rubs the ASX's nose in what looks like a dummy bid to me. Not that the bid won't pass muster, but it looks to be done on the cheap from Ghana, using a Ghana legal firm to prepare the bid and also as the address for acceptances. No Australian advisers appointed of being paid...
$1.05 is not a coincidence either. SG has stated in their 26th Oct "Intentions" release that they will lift to $1.05 if a bid higher than $1 comes in. Under the T in T legislation they clearly have to abide by that $1.05 at a minimum, thus our Ghana friend runs no risk of being sold into by SG with their own $1.05 bid. If Mr Mahama doesn;t move up above $1.05 then we will know for certain his intentions, which look pretty obvious imo.
Assuming the ASX have no problem with this bid then next move in 3 business days is SG's next offer, going some way to revealing their intentions. Nord have also stated they will rise their bid to $1.05 and so are also locked into at least matching SG. The million dollar question is how serious were these two about aggressively competing again for sole control of CDV.... ?
CDV Price at posting:
$1.07 Sentiment: None Disclosure: Held
