I wonder if IG provided the spreadsheet/estimates to GGP?
Their seems to be a disconnect in that GGP responded by saying it was "indicative offer". Yet IG are of the impression that it's binding. So atleast GGP responded, though they should have engaged more and worked through any issues.
For me, I'd say the deal is conditional. The IG state as much. Conditional on GEM confirming licenses, confirming estimates, and SG stepping down as chairman. Also they want their man on board.
Very little difference in meaning of "indicative" and "conditional" in this context.
GGP are the only ones in a position to judge what will unfold in March. If they are confident in a positive outcome, then locking in finance now is not in our best interest.
The selling is interesting. Usually you get 2days to announce a change in sub notice. Booth hasn't issued one. So possible hasn't sold. Or the notice will be late like last time.
GGP Price at posting:
7.5¢ Sentiment: Hold Disclosure: Held
