Clever move by Potentia today, if as reported by AFR, they have increased their holding in Nitro to close to 19.99%.
Flags to any other potential bidders that, if you want the Company, it will be super difficult (not impossible though) to grab a usable stake.
Shows quite a bit of intent to assert themselves into negotiations with the Board. A lightening raid with a fair bit of Shock and Awe to it.
I can speculate that Potentia are still on Plan A. I believe that they would have fully anticipated the Board's view that the "Indicative Proposal significantly undervalues Nitro". The Company is seemingly not under any apparent distress and so will take some convincing.
I haven't seen where they have been given Due Diligence yet? Looks to me like a more reasonable bid price might open access to the data room.
NTO Price at posting:
$1.58 Sentiment: Buy Disclosure: Held
