Weird & highly unusual. Is SWP trying to manipulate the share price? It has had the effect of some believing there will be a Bidding War and the price is now 4c. I sold at 4c.
SWP know that their proposal is not superior. Surely SWP would have advisors telling them so. Then why go public with an inferior proposal?
The Scheme meeting is on Sep 23rd. I doubt SWP can come up with a superior proposal by then, so VN8 has no choice but to stay with the MaxoTel bid.
Those buying today will probably lose out. There is also a risk that the Scheme gets voted down as some will be voting No hoping for a better SWP bid. If then no SWP bid eventuates, the price will crash. Even if a scrip bid eventuates, the actual price achieved by those selling their SWP shares could be a lot lower; especially if in Oct the whole stockmarket falls, with microcaps falling the hardest.
I bought in at 3.5c a month ago. So I am very happy with 4c; a 14% return unannualised.
Buy maybe I am reading this wrong and SWP will make a proper last minute bid.
Add to My Watchlist
What is My Watchlist?
