What is smelly is an offer by TGC was announced and then a few weeks later out of the blue LCL says it has negotiated a better deal with TGC with no explanation given as to why the offer value was revised.... Original deal value $10m now $14m.
Why did TGC increase their offer??? I suspect this was because they were informed of Visby discussing deal with LCL and their offer was superior and to keep the 26% SH vote in support of the deal they needed to increase their offer otherwise they'd have to negotiate with the other party and lose their SH support which would make the deal less attractive....
If in fact Gold Rep notes are correct that offer has never been disclosed by the company and is poor governance as I'm sure a lot of SH would have supported such a deal.
LCL Price at posting:
0.8¢ Sentiment: Buy Disclosure: Held
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