They've got to 90%, it will be now compulsory acquisition for remaining shareholders at $1.075. No dividend, no franking credits.
I'm very puzzled how they managed to get to over 90% with the lousy offer.
The offer was officially closed on Friday, and in yesterday's change of interest notice they had 84.20%. And just a week before that, they were barely over 50%. How come that they extended the offer yesterday, and suddenly, in less than 24 hours, so many shareholders eagerly mailed their acceptance forms to get to 91.48% (and therefore to 100%)?
Will someone audit those acceptance forms?
Director's cheering (for their own interest) and propaganda announcements certainly helped to sway some undecided shareholders. But with retail-heavy shareholders base there would be certainly a high percent of those not bothering to lodge their acceptance, some shares unable to vote (e.g. deceased estates or liquidated trusts), and I was pretty sure there were many shareholders still holding (me included, with 5-figure number). To get so easy overnight to 90% just doesn't make sense.
MLD Price at posting:
$1.08 Sentiment: Hold Disclosure: Held
