I had a quick look at DRD today, it looks like they are still listed in JSE and NASDAQ but no longer in Australia. I very much doubt now that MLI is involved with DRD since I couldn't see any announcements from them in the last few days and they seem to be trading ie no trading halts.In my opinion the odds of anyone making a takeover bid and MLI shareholders receiving a premium are very small now.
Another short announcement from the company today which didn't really clarify things at all. In all the years I have never seen a merger/takeover handled in this manner. Why is the stock suspended? If it was a capital raising then they have had ample time to try complete it. We have seen many other companies conduct large placements yet they have all resumed trading within a few days. The market should be informed as soon as there is market sensitive information available. The ASX should be involved here! It's just not good enough for the spivs to trickle information to the market and not allow the stock to trade. Whether it's positive or negative news, they have an obligation to disclose information so a fair market can be established.
MLI Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
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