The Sandon shares are those previously owned by MVT. The change of ownership has been foreshadowed for a while so no real change
June 3 (Reuters) - Sandon Capital Investments Ltd (SNC) ROPOSES TO ACQUIRE ALL OF SHARES IN MERCANTILE THAT IT DOES NOT OWN IN EXCHANGE FOR AN ISSUE OF SHARES IN SANDON EXCHANGE RATIO WOULD BE 0.2128 SANDON SHARES FOR EACH MERCANTILE SHARE
Sandon has 19.9% 18.4m Phoenix had 6.03% 5.6m on 22/8 but sold 200k 4/9 to go under 5% and cease to be substantial. There's been another couple of million sold since then on market so they may be down to 3m by now. Director Richard Bell also owns 19.8% 19.2m shares
Preliminary Annual Report
The Board is now focused on identifying the best option for the sale of the ASX-listed shell compromisingthe following assets: - $110,000 in cash - $140,000 due 1 July 2020 from the holdback on the online contact lenses business sale - $3,300,000 in franking / imputation credits
Reverse Corp Limited (ASX: REF) has 92,860,562 shares on issue and 460 shareholders.
My way of thinking is Sandon would like the credits for one of their funds.
REF Price at posting:
0.9¢ Sentiment: Hold Disclosure: Held
ROPOSES TO ACQUIRE ALL OF SHARES IN MERCANTILE THAT IT DOES NOT OWN IN EXCHANGE FOR AN ISSUE OF SHARES IN SANDON EXCHANGE RATIO WOULD BE 0.2128 SANDON SHARES FOR EACH MERCANTILE SHARE
