Centamin have declared that they will not make a higher bid so they are required to stick by that statement. They have two choices if they don't get the 90%. They can send your shares back to you and walk away as they cannot make a higher bid or they can accept them and stay in there as the major shareholder. If they did the latter, they would be restricted to buying no more than 3% of the shares every six months until they got to the 90% when they could compulsorily acquire.
That is my understanding of the situation.
I do have concerns about Centamin. If they lose the Court case in Egypt, then my understanding is that the only gold prospect they would own is ours and Ampella shareholders would have given up something like 96% of the ownership of those projects. If the Centamin Board was really confident of winning the case in Egypt, you would think they would have waited until it was over before offering their shares in another deal. It seems to me that they are using us as a fall back so that they will still have a project if Egypt goes wrong.
I haven't accepted and I feel I am likely to stay that way but I would like to hear what other people think.
GPASAS
AMX Price at posting:
15.0¢ Sentiment: Hold Disclosure: Held
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