Low acceptance level of 28 % and 40 million shares was reported from Latitude shareholders and the clock is ticking until for May 31 17.00 Perth time. Practically only Delroy´s closest insiders, who know the really bad status of the company, are for the takeover. https://hotcopper.com.au/threads/ann-takeover-bid-update-25-threshold-reached.8003004/
DCX Toby Wellman has published supplementary Target's statement to highlight the risks for Latitude shareholders if not accepting the deal. This high lights the even more the risks for DCX holders. However, the statement lacks the real risks of Latitude holders if the takeover would happen https://hotcopper.com.au/threads/ann-supplementary-targets-statement.8003916/
Toby Wellman should also report the acceptance level of DCX already voted for shareholder meeting, who are unrelated party of Latitude (excluding CMM and its directors and DCX directors). This may be legally restricted information before the meeting? It would be enough that DCX holders will not accept, whatever Latitude owners would vote.
Is the plan to encourage DCX owners to accept by soon giving good numbers of Latitude owners accepting The situation is even worse for DCX owners who would get under 20 % of the new company to be named Latitude.
Directors appear to have problems to get acceptance even from the Latitude shareholders, who would be getting over 70% of the new company!!! 90 % acceptance is needed, though DCX directors may be begging regulatory acceptance with 80 %. https://hotcopper.com.au/threads/ann-supplementary-targets-statement.8003916/
90 % acceptance is needed. The 40 million is just above the ownership of Russell Delroy and his wing man Joshua Welch, Hoyer and other 2 members of Board having shares
Latitude would urgently need new directors and new plan and reliable projects in order not to more waste shareholder property.
3) The shareholders are disappointed with the value of shares after the takeover. The value is much less than the value estimated in Sunmirror deal and may be even below the price they invested. Part of the owners may have been unfairly diluted in last capital rise of 5 million. The owners who took part in rise in Dec 2023 might get 18% premium if the share value would hold at level of 20 cents after consolidation, which may be unlikely after the consolidation and due to low value and prospect of Latitude assets. The situation is likely much worse for those who did not take part in the capital rise. https://hotcopper.com.au/threads/ann-supplementary-targets-statement.8003916/
4) The shareholders may have noticed that they have not been told about relevant details of Latitude business including the social-environmental and legal problems with Kuusamo mine plan acquired for 400 000 AUD including ownership for some lands, https://hotcopper.com.au/threads/a-mine-into-the-great-barrier-reef-or-latitudes-kuusamo-mine.7941968/ or the 40% paid exploration license applications for 1000 km2 costing 2 million eur/year if ever accepted.
5) The shareholders may consider about potential activity against Delroy and members of the board about potential problems of investor information including info given in context of capital rises and Sunmirror deal.Acceptance of the takeover might restrict such acitivity.
DCX Price at posting:
0.2¢ Sentiment: None Disclosure: Not Held
(20min delay)