There are no winners here and for shareholders it is going to be...

There are no winners here and for shareholders it is going to be painful. This failure falls squarely on John Palermo and those saying that it is just because of COVID-19 are just blindly following along, and if I was still a shareholder I would be angry at how this whole acquisition and CR was handled. From the very beginning of this proposed acquisition it seemed botched. At the AGM he could not show actual financials for NS for FY2019, even though it was announced in November. He made promises at the AGM about more numbers being available in a week. The EGM was delayed. I said when this acquisition was announced that, typically, when these things are announced all the necessary requirements have already been worked through, including the capital raising. Apparently Palermo was not up to this task. This announcement is blaming something that has only really happened in the past 8 weeks. Sure, it is a factor now, but if the deal was so good, the Capital Raising would have already been signed off and the deal would have went through. If the deal was good 3 months ago, it should still be good in another 3 months time, regardless of what else is going on.

They even have the gall to hang out the surface hygiene carrot in the announcement - it is almost like they know that OBJ shareholders will cling on to any faint hope, even though there is so little cash that the company might not last another six months (and with two different products trying to be launched). If surface hygiene was so good and marketable, P&G would have purchased this long ago.

How much is OBJ worth today? I expect there will be a company update before it comes out of suspension of trading but, like many things currently, prepare for the worst and hope for the best. Good luck.