Wombat - use the Grey spectrum, we are definitely in shadow territory now
I've stayed quiet during this process as I believe we will get to 90%, but I've thought about the following possibility if we don't get to 90%.
If MEP remains a listed company due to ADN not gaining 90% to force completion of the takeover, then they remain the 25% owner of the Great White deposit (and 50% owner of Natural Nanotech). With ADN now controlling the MEP board, they could declare a "Decision to Mine" (not sure if a DFS / BFS is required to make this declaration). At this point MEP would be required to stump up 25% of all required CAPEX.
Let's say that the CAPEX MEP is required to provide is $8 million (not unreasonable given the $45 million ADN raised last year). Since ADN controls the board and 89.5% of the company (as of today), they could issue a Share Purchase Plan (i.e. only involving existing shareholders) at full value (i.e. not at a discount which normally happens) - maybe even at a premium. Under these conditions will the 10.5% non-ADN MEP shareholders stump up anything for the SPP? If only a few of those 10.5% non-ADN shareholders fail to chip in, then ADN acquires enough MEP shares to go over 90% - and allow compulsory acquisition to occur.
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- Ann: Notice of Change of Interests of Substantial Holder for MEP
Ann: Notice of Change of Interests of Substantial Holder for MEP, page-60
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6 | 2044249 | 0.019 |
16 | 2747234 | 0.018 |
10 | 4569549 | 0.017 |
19 | 4078241 | 0.016 |
Price($) | Vol. | No. |
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0.021 | 1006165 | 4 |
0.022 | 2736835 | 7 |
0.023 | 503017 | 6 |
0.024 | 811838 | 9 |
0.025 | 3713056 | 14 |
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