Agree, i get that vibe as well.They said bids were due 25th...

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manny100

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02/07/23

05:42

Post #: 68571796
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Originally posted by Gwaihir: ↑

A couple of things strike me.

Firstly, at the AGM I'm fairly certain we were told that if a transaction was not reached by the end of June then the escrowed shares would be returned a year later in June 2024.

Secondly, it's blatantly obvious to me now that these guys do NOT want to return cash and distribute the Leo shares, and they are doing everything in their power to hang on for long enough to get a transaction organised via Treadstone, because that will award themsselves and Treadstone and a Fund, but probably screw shareholders (as usual).

Thirdly, the announcement is aimed at softening up shareholder expectations, because it's the first time they mentioned an equivalent FFX share value, today it was 20.8 cents, so they are softening shareholders up for a potential bid around that price, in other words, probably 21 or 22 cents. I won't vote for anything less than 30 cents, and the timeframe has to be soon, or almost immediate. There is no use accepting a transaction that concludes in 6 months time.

Fourthly, what happens to the company accounting records if the company is would up and cash and shares in Leo are distributed? Who will have access to them? Do they remain in confidence and hidden forever? However, if another company purchases FFX, then the records become the other company's property, and under an agreement with FFX can be in-confidence and never disclosed, thus PROTECTING the current directors of FFX. Is this yet another reason why they desperately want the company to be sold rather than distributing Leo shares?

There's a lot going on here, and most of it isn't transparent.

Gw

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Agree, i get that vibe as well.
They said bids were due 25th June. They could have walked away then and made a decision to hand cash and shares back.
I appears we may be being set up for an offer to be accepted.
I would want a bit more than 30 cents/FFX share. Does pain and sufferring count!!
I guess it depends how far the current LLL trend goes and the premium offerred. Given LĹL's stated aims and analyst valuations i would expect at least a 30% plus premium.
They would have spoken to the funds, etc, to gauge support.
The existence of the holders group puts pressure on the BOD and Treadstone and gives us a voice and a vote.
I prefer our shares returned.

Last edited by manny100: 02/07/23

FFX Price at posting: 20.0¢ Sentiment: Buy Disclosure: Held
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0 Great analysis

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Agree, i get that vibe as well.They said bids were due 25th...

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