well figure of speech, but i get what you're saying. That said you can get up to 200,000 shares just bidding up to 23c with the current market depth (if they don't get pulled).If you believe you'll bring in the 5 c from cza shares especialyl after this RIO resolution (if the share prices hold above 7c) then you're still in for a cool $0.02 scalp. It's not mortgaging the house, but it's a cool $4,000. Pretty good for a months pay for some people.
Bobsa - i'd advise you read the latest document (probably that 22/4/16 one) where you got the 93.4%. THere's a paragraph on what conditions/clauses have been satisfied, and another paragraph before or immediately after it on what hasn't been.
In a nutshell they already have the % of holders required for this to go ahead. They need the money from the chinese partner (originally planned as equity raising) - however last minute changes have seen them demand a loan note instead. Hence the delays were while this was being 'sorted' out.
If it's all legit that's great, but I still take all these chinese dealings with a heavy pinch of salt. If it was a well known, US based company i would have probably snapped up all the sub 23c offers , but alas i have learnt some tough lessons with chinese counterparties.
It is proably holders who are waiting to the nth minute to see what they can pry out of this. Once the offer closes though I wonder what due process is - i.e. if they'll be stuck with their holdings having not vended it into the offer....
They can't scoop up the remaining 6% on 'squeeze out' provisions, but then again I don't know what effect this has anyway. I would have thought they can delist UNV and do whatever they like with 94% and therefore majority voting power. The remaining 6% holders would be silly to therefore hold on as their liquid market disappears.
UNV Price at posting:
20.5¢ Sentiment: Hold Disclosure: Held
