Agree it is puzzling. As it refers to the "status" of the Jindal offer rather than the terms, my reading is that the "status" can only refer to formal or informal. If it stays informal then maybe they are withdrawing their informal offer. If it is switching to a formal offer, I still cannot see how they can reduce the offer by more than a few cents, otherwise Benny walks away from the table. If there new conditions have been accepted by RCI in return for formalisation of the offer, then they will be locked into a break fee, and at least we will be getting somewhere, even if a resolution is four months+ away. Or perhaps the "status" is changing because RCI have taken away their exclusivity for due diligence, which may indicate the Meijin offer is real. But the drop in share price over the last few weeks does not fill me with confidence. I am trying to secure some weaponry in case I have to take a trip to Perth soon and confron the board. ha ha.
RCI Price at posting:
29.5¢ Sentiment: Hold Disclosure: Held
