Well after reading the entire bidder's statement tonight it certainly seems as if Jindal is finally making a genuine play for RCI this time round.
They've hired some big name advisers this time around as well as built a 14.5% stake before launching the renewed bid so are demonstrating a great deal of commitment to getting a deal across the line (by way of funds laid down) and, unlike last time, have actually put down a binding commitment in writing.
In summary they're looking to; - takeover the entire company and de-list from the ASX - integrate RCI's coal tenements into their existing resource portfolio - make use of RCI's coal-sintered brick technology in their other business - sell RCI's under-performing assets e.g. most likely the Chinese coke processing plant - implement staff redundancies at RCI to reduce overheads
Lets hope Kailuan Energy comes to the table with a competing offer otherwise if we're left with a situation where their bid is ultimately unsuccessful it sounds as if Jindal may put forward a case to the ASX to de-list the stock based on a lack of liquidity.
Going by their current shareholding, as well as that of Benny Wu, there is not likely to be a great deal of individual shareholders left on the RCI share register to justify a continued public listing.
I must get out to have a look at the share register ASAP to see just what we're in for.
RCI Price at posting:
19.0¢ Sentiment: Hold Disclosure: Held
