if you read the article it sounds like they have tried to engage with the board but they have hidden behind a cloak referencing a excludive-binding deal with TGC.
I would have thought that directors of LCL have to act in the best interests of all shareholders and if a alternate offer on better terms is presented to them they have the ability and right to engage with that party as part of their fidicural obligations irrespective of any exclusivity agreement that exists with TGC. Obvioulsy they have to prove to themselves that the party making the alternative offer is genuine and can stump up the cash they have stated they are willing to pay....
The additional ballon payment negotiated by LCL with TGC now makes sense that came out of nowhere with explanation as to why it was added to the original 2nd deal terms...
LCL Price at posting:
0.7¢ Sentiment: Buy Disclosure: Held
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