Now we know why the offer was extended. Fotios' shares are already included in the 74.3% level of acceptances. See extract from announcement this morning:
Since the offer opened on 28 June 2016, Galaxy has received acceptances for 72.4% of the fully paid ordinary shares in General Mining, giving it a total relevant interest (allowing for the 6 million GMM shares it already owns) of 74.3% in GMM’s shares.
The Board of General Mining continues to recommend that its shareholders ACCEPT the Galaxy Offer in the absence of a superior proposal and each of the Directors who holds or controls General Mining shares, including Executive Chairman Michael Fotios, has now accepted the offer.
GXY Price at posting:
45.0¢ Sentiment: None Disclosure: Held
