very interesting developments..extended til 24th. AZR agm...

very interesting developments..

extended til 24th. AZR agm following wednesday (29th) where mgx may possibly block re-election of some dirtectors (Ian Burson azr chairman?).

BUT mgx have also indicated if they dont get 50% by 24th offer will close. Now the insto's will need to declare. Possible that worst outcome for all involved is a nil all draw with mgx sitting on azr register with 41+% holding, some degree of control but not 50% nor 90% and a raft of other parties all having some degree of azr holding as well.

Might be hard to justify a sp of 28-30c in the near term yet all will be stuck with a substantial holding. ie deadlock.

Complicating the whole thing is an article in wabusiness news claiming the hong kong chinese are pushing mgx to deal with azr and finalise an agreed merger.
Mgx's deadline would appear to fly in the face of this.

Additonally cambrian (John Byrne) apparently has indicated cambrian has discussed the whole deal with a view to taking the whole lot or selling their 19.95% stake in mgx on.

Unlikely both Shougang/Lee ming/cambrian will all happily share control of mgx.

Expect one or other to bring this to a head.
Bear in mind the $52M magnetite deposit cash is still held in escrow as well.

My impression is the least likely outcome is a quiet two weeks ahead.

my opinion only.