OK so a couple of interesting additions to the puzzle.
This is how I think things are playing out.
1. Armour signs LOI with AEP, something we have been chasing for some time. Everyone may remember comments such as farm out partner discussions are ongoing.
2. Westside who were obviously involved in similar discussions simultaneously never made the cut and are decided to test the resolve of the minor shareholders and short termers. By offering a low ball offer. This was rejected with conviction.
3. AEP sweeten their deal by increasing capital investment, debt and bonuses. In reply Armour endorse this improved offer and create an EGM to let the shareholders decide.
4.Westside revise their offer to an improved 20c, which Armour board helps negotiate and in turn the BIA is written which has more conditions in it and probably isn't worth the paper its written on. Basically symbolic and both westside and Armour are trying to use to their advantages.
4.1 Westside are hoping to capture the undecided smaller investors 5% and below and hopefully come out above 50.1% total. ( Hence the phone calls to smaller investors seeking their intentions.
4.2 Armour can endorse this offer to the market because they know they have the votes to block it anyway so they are basically trying their best to pretend they want it ( I think they deserve an oscar). So AEP will again improve their offer without risk of Westside ever having a chance.
5. This became more evident when responding to market speculation DGR declined to support the offer nor move against. But by not supporting it becomes clear.
I believe the outcome has to a certain extent, been determined.
It is also a gut feeling of mine as the board has always been about the long term value and targets, share price has never influenced decision making and we do not exactly have financial problems ATM and certainly not if we were to sign on to the farm out.
I might be crazy but what does everyone think.
I am and suggest to vote for farm out to AEP at the EGM and not leave it to chance, of course DYOR. This is all entirely in my own opinion.
Then God said let there be Armour........And there was.
OK so a couple of interesting additions to the puzzle. This is...
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