MED 0.00% 0.6¢ merlin diamonds limited

innopac's bid

  1. 37 Posts.
    According to Innopac's website www.innopacific.com;
    (1)It has revealed Merlin's net asset value at A$0.312 at 30 June 2012, as on page 4 of their Bid Announcement. Further it stated "an offering of A$0.28 per Merlin Share would be sufficient to SWAY existing MED shareholders to agree to the Offer". MED shareholders will be a fool to accept this script offer, at a discount over 10% of A$0.312
    (2) To remind MED shareholder that Sino Securities, on 10/11/09, had issued a report valuing MED at NPV $0.48 (before 20:1 consolidation)
    (3) According to my rough calculation, there are over 40.6M MED shares in market as minority, about 19.15% of present and future combined issued capital. Assuming all big shareholders including Legends, Credit Sussie, Newton, and recent placements and note holders are accepting the offer at the same time. Innopac still needs 9.16% to make their bid just over 90%, with the aim (?)to delist MED in ASX. There were over 6,300 shareholders in MED as of 21/9/2012 with average of 7,000 shares per shareholder. Most of our minority shareholders are long to medium term. It will be sad if MED is disappeared from ASX, especially at the production stage. Wish all minority shareholders can hand on by refusing to accept this "very mean" script offer.

 
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