Ann: Galan Response to AFR Street Talk Article, page-104

“management have yet again mismanaged the whole process.”

Really?
Galan received unsolicited indicative proposal.
Galan requires a confidentiality agreement to engage in discussion.
Process underway: confidentiality agreement currently sits with other party.
Someone leaks sh!tty summary of “indicative proposal” to the media.
GLN calls halt to release clarification/response.

If they had a clear takeover offer, I’d generally expect them to announce that asap.
But they didn’t and don’t.
This “situation” reminds me of GXY back in the day when they sold significant tenements to POSCO, and the first we heard, iirc, was after the deal was done!
Listing Rule 3.1 has several exceptions ie relating to negotiation.

Should a company announce every time it receives any unsolicited proposal?
Do you think that might encourage an entity with a vested interest to submit conditional “indicative proposals”, that it has no intention of ever executing, to manipulate the market… perhaps..?
Maybe Bazza can provide an “indicative proposal” involving $2 per share…. Let’s see what that does to the sp if announced before any discussion/assessment/DD etc!!!


Things aren’t always as simple as the may seem at face value.

The real issue here, btw, imo, is WHO leaked it?
Does anyone think ASIC will genuinely investigate?


Imo
Dyor