The minimum bid price rule under the Corporations Act applies at the security level, not the company level. Implied value on the 1 for 4 offer was $0.49 so that's the minimum amount they are legally allowed to offer per GCY share. It can't be adjusted downwards based on an increase in the shares on issue of the target.
Offer will be withdrawn and it will be four months before they are clear to come back with a lower offer per share.
Ann: Firefly Scheme and Westgold Offer Update, page-23
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Last
$1.41 |
Change
0.010(0.71%) |
Mkt cap ! $1.560B | |||
| Open | High | Low | Value | Volume |
| $1.42 | $1.45 | $1.39 | $9.831M | 6.942M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 3600 | $1.40 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $1.41 | 1003 | 1 |
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| SPR (ASX) Chart |