Ann: Trading Halt, page-7

From what I have observed from the prospectus and finance deal. Nothing is dependent on share holders taking up the offer. (I am not a lawyer). There is a lot more to this deal than shareholders taking up approx. $9 mill.
No one, including lawyers would gamble on this total $60 mill. deal on shareholders taking up the offer.
Underwritting and finance has a lot more at stake.
I think it is a little too early to do a trading halt for VA.
Underwriters have to follow through on a share/rights issue. If stated in prospectus. They are not stupid enough to hang themselves out to dry.
Looking at standard convenents to bail I think BLK have not done any action to warrant this.(I am not a lawyer).
I would not be surprised if there is some kind of white knight. ie Resolute Minning. (way outside view).
Why would the chief CFO of Resolute for ten years suddenly pack up and move to BLK a few months back if it was a looser.
First Pacific will do well if deal goes ahead.
On a sad note it could mean First Pacific have bailed and spent money doing so.