This is the correct take.
There is no specific termination rights in 13.1(b) for GCY to cancel the scheme based on a GCY Competing Proposal, only FFR has the right to cancel under 13.1(e).
Contrast against a similar scrip merger agreement between OSH/STO, there is a specific termination right to the bidder if they themselves become a target under 15.2(c):
For GCY, it comes down to the interpretation of clause 11.8 over the "fiduciary exception" carve out, and it's this that WGX it trying to have rectified via the Takeovers Panel:
Second court date is Monday. They're running out of time.
This is the correct take.There is no specific termination rights...
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Last
56.5¢ |
Change
-0.010(1.74%) |
Mkt cap ! $613.1M | |||
| Open | High | Low | Value | Volume |
| 58.0¢ | 58.5¢ | 56.5¢ | $3.221M | 5.654M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 18 | 390227 | 56.5¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 57.5¢ | 42048 | 2 |
View Market Depth
| Last trade - 16.10pm 03/05/2024 (20 minute delay) ? |
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Last
57.0¢ |
Change
-0.010 ( 1.30 %) |
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| Open | High | Low | Volume | ||
| 58.0¢ | 58.0¢ | 56.5¢ | 859060 | ||
| Last updated 15.59pm 03/05/2024 ? | |||||
| SPR (ASX) Chart |