Gee, bloody tough call for Sigma directors. Decent enough offer,...

Gee, bloody tough call for Sigma directors. Decent enough offer, but conditions could be dire if Aspen withdraw.

Main issue i see is that current lending facilities remain in place, no termination or amendment of certain material contracts, subject to finance clause, and the extension of exclusivity.

Those first two items I would not be entirely sure would be satisfied, the third gives Aspen a way out if it seeks to decline the offer, and the last reduces Sigma's negotiating power, as asset sales would be required not long after if deal falls through.

If Sigma recommends this offer then it is effectively locked into the deal with Aspen or a cap raise if it falls through. Bloody tough call.