I am not saying that the circumstances were similar, but what you are perhaps remembering happened in July 2012, when TTV (now DNA) announced glowingly that Priority One was proposing to merge with TTV - subject to due diligence of P1.
Subsequently, on 19th July, TTV announced the resignation of its CEO.
A day later TTV announced it was pulling out of the deal with Priority One:
"Both parties have agreed that circumstances exist that were not known, and could not reasonably have been expected to be known, by Two Way at the time of making its announcements to the market on 26 and 29 June 2012."
TTV added to that:
"Priority One has informed Two Way that it shall proceed to a listing on the ASX and upon achieving that, shall complete its earlier arrangements with Two Way, as previously announced to the market on 12 March 2012 , which would see Priority One become a major shareholder in Two Way."
What poppycock on the part of the then Priority One. Ironically, after they backed out TTV (trading as DNA) has gone from strength to strength. .
CQA Price at posting:
2.0¢ Sentiment: None Disclosure: Not Held
