Slater,
Apologies, the minimum TO acceptance was withdrawn, however basically this means that all they will ever aspirations of now is becoming a large shareholder and causing grief that way, which of course as a large shareholder or even a small shareholder one has every right to do if they are unhappy with how their company is being run. Make one thing clear they cannot take over a company as the largest shareholder without the majority of shareholder support, so even on a very worst case scenario, they actually amassed 4% as largest shareholder, they would still require a minimum further 46.1% of shareholder approval and even with that I am pretty sure the remaining shareholders would set measures in place to defend.
Interesting.....One thing it will do is make our BOD really raise its game even more now, so actually I am not overly bothered at all on this new aspect. Actually quite pleased.
However the really interesting thing is MEO will in my view certainly counter this next week and state that conditions have not been met IE issues on funding, share raising etc that the new statement says has, and this may well go legal with one entity stating they have and one stating they have not.
One thing for sure its not going to be lead to civil and polite coffee morning meetings between the 2 companies BODs. Of course any mention of counter by MEO and disagreement in Mosmans assertions that they have met various conditions will require Mosman to legally defend their new interpretation and of course that means more money to be paid out by them....
They ( Mosman) are in total desperation now, they have spent far to much money to fail on this which is acutely clear , however they have now basically gone under the radar and admitted all they essentially hope for now is to be a large shareholder of MEO. They will have to issue script to MEO shareholders who accept so yes further dilution coming to Mosman and all they will have is a large shareholding in MEO. Which of course is not a bad thing as I am sure they will make a good return of that...
Mosman shareholders can take great delight in the fact that as a large shareholder of MEO, we welcome you....
This really is a total win win situation for MEO shareholders, either MEO raise the stakes so high and their SP takes off over the hills , thus ensuring all MEO holders are happy and no chance of any interest from Mosman, or Mosman actually strike the mother lode ( as unlikely as Forest Gump finding the chocolate he wants out of his famous box) , their Share price goes through the roof and hey ho, all MEO holders can rejoice in the fact that they can be a part of that as well if they so wish as seeing that a better option to where MEO is going..
What is also acutely clear as correctly pointed out by Staymour I think, there is absolutely NO reasonto show your hand if you are considering on voting yes and that is quite rightly a decision any MEO shareholder has a right to think about..This has every likelyhood of going 1 : 3 next and clearly they will not get anywhere near the requirement they need by June , it will also give everyone time to see A- how they perform at their crossoraods flow test which is really not looking good after spending $10 million and B - More clarity given on exactly how they think they are going to progress Murchison with the limited funds they have available...
Existing MSMN shareholders will be the ones most affected in my view....dilution is coming to them one or the other, from various scales of very large to extremely massive so all their investments will see massive degradation, but of course another condition set out by Mosman, was that they no longer need their shareholder approval to do anything in relation to this RTO, so if they are SO desperate to land "the prize" in Mosman talk , they could and will increase the offer up to even a straight 1:1 scrip swap to do this....
Cool hand Luke Tactics required now gents....This is a total WIN WIN for MEO shareholders in my view..Our BOD raise the game to a level so high and leave Mosman in their dust or Mosman hit the motherlode, reveal massive funding and partnership news and their SP takes off to the moon....
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