Contingent on regulatory approvals that will take months to obtain, and LNGL doesn’t have months;
Contingent on no material adverse events like eg a cranky T20 like IDG taking action against LNGL for misrepresentations leading to wealth destruction; and
Highly unlikely that 90% of shareholders will agree to sell the business for scrap.
Therefore the deal ain’t happening.
As soon as the poor fools who bought today realise this, they will dump, and this will firstly fill the large gap created on the daily with today’s gap up and secondly create a domino effect all the way down to 4-6 cents, which is actually the price level it would need to hit to get 90% of shareholders to agree to 19.8 cents.
