Interesting to note that PLT's bidders statement does NOT include any paragraph stating that FER's board unanimously recommend the offer!
The merger announcement on 17 April clearly stated (in bold) "Fermiscan Directors intend to recommend that Fermiscan shareholders accept the offer"...it also went onto state...
..."The Directors of Fermiscan intend to unanimously recommend that Fermiscan shareholders accept the Offer, subject to their appointed Inderpendent Experts concluding that the Offer is both fair and reasonable".
Whilst this is only speculation on my behalf at the moment, IMO the IER must have come up with a recommendation that the Offer was NOT fair and reasonable...if this turns out to be the case why would a FER shareholder agree to exchange their shares for PLT paper?
Leon Carr who is behind Rellcain and has agreed to sell his stake into the offer obviously comes at this deal from a different perspective than most other FER shareholders. He paid $0.000058 for each of his FER shares and was locked up in mandatory escrow until October last year.
Yes that’s right 5.8 thousanth’s of a cent!
If I were an FER shareholder and was told by the Independent Expert that PLT’s offer for my shares was NOT fair or reasonable I would take on board that advice rather than a that of a founder who owns too much of an illiquid stock to ever get out and more or less got his substantial shareholding for FREE.
I await the release of FER’s target statement (including the Independent Experts Report) with baited breath
FER Price at posting:
14.0¢ Sentiment: None Disclosure: Not Held
