Wouldn't directors go to Jail if they sold there shares at 53c then did a capital raise even 1c below 53c ?
There legal duty to act in shareholders best interests would mean that if directors sold there holdings at 53c shareholders would be expected to receive 53
or higher......
As the only people with full insider knowledge of this current bidding process are the directors.Is it possible that the potential takeover buyer has said to Directors that you need to guarantee us sellers just below the 20% threshold (17.9%) before we continue further ? The only way Directors with insider information could justify selling at 53c was if they knew shareholders would be getting 53c or higher.
If the buyer tried to buy 35,000,000 shares on- market they probably would have pushed the price north of 53c for sure.
One this is for sure, holding MTC is not boring and must have aged you Mr Patience by another 10 years over this past 8 months...
(20min delay)