For those who care, Tas presented what I believe was a plausible case to the Judge this afternoon of market manipulation of NTC shares over 18 months by Institutions using algorythmic trading. (Not the NTC board, not Casa, but the likes of UBS trading parcels as small as 1 to 9 shares to move the day's price down. He also argued the "independent valuation" the board promoted to shareholders to make the $1.10 offer look reasonable did not use a cash flow basis, but was solely based on that same spurious share price.
There were around 20 lywers present, 4 for Casa, 2 for ASIC and the rest for NTC. David Stewart was consicuously absent. 1 and a half hours was spent by the laywers objecting to Tas' afidavit on legal mumbo jumbo terms.
The sale was finally approved by the judge, the lywers then cracked a few jokes with the judge about the quality of her mobile and the use of one Casa lawyer of a "cell" phone to find a missing document that was necessary for the final approval. "When a lawyer has to uses a cell phone at the bench, it shows why it's called a cell phone. ha ha.
Only after the men in black had stitched up Tas on legal details did the ASIC laywer contact head office to send a letter of no objection to the deal. Yes, we came that close. So if any of you had funded a lawyer we may have blocked the sale today and themn moved on to remove this tired, resigned to failure board who have squandered shareholders' investment in R&D in lieu of dividends, which the proxy advisors attriburted no value to.
By the way, no one was happier at the result than Justin and the casa mob.
NTC Price at posting:
$1.10 Sentiment: Hold Disclosure: Held
