Directors shares and the institutionals all bit the dust early...

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rjacko80

8 Posts.

11/10/22

14:00

Post #: 64138307
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Originally posted by JBoo: ↑

Bye Bye Maca.

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.

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Directors shares and the institutionals all bit the dust early and retail investors just unfortunately need to follow....

I hope AFR journos read these forums and can start asking more questions on takeovers on ASX.... I have Nearmap and Livetiles and majority on here upset with board recommendations

MLD Price at posting: $1.08 Sentiment: Sell Disclosure: Held
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0 Great analysis

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