From my reading the panel has determined that there is reason to believe that the selling of the placement shares into the offer looked like non-commercial behaviour. The acceptance by the sale of the placee shares into the offer allowed Wallin to get to 75% which is the threshold for delisting causing other shareholders to be coerced into selling plus they found deficiencies in the commissioning and engagement of to prepare the experts report (surprise surprise).
So the panel is going to make orders presumably to unwind this mess.
I can't imagine how you can unwind this without voiding the power of the placee shares and giving people who sold into the offer another chance to make their decision based on the on acceptances based on the voided shares and a properly commissioned and engaged experts report.
Greed is not good and thank God this takeover panel exists. It seems to do a far better job than the toothless tiger ASIC and the private school boys club at ASX. Esh
SMC Price at posting:
40.0¢ Sentiment: Hold Disclosure: Held
