Leverage to the next Pogo Deposit? AUL -> WRM, page-76

Sure, everyone may have known it was coming but that’s not my point - there is a specific clause in the merger implementation deed that triggers a break option if WRM issues additional shares, which it now has done.

Its structured as a scheme of arrangement; it’s up to shareholders to vote on regardless of what the Board recommends. By raising at 51, WRM have just flagged that they think their equity isn’t worth what they’re hoping AUL shareholders will accept. It’s no longer the same transaction that was originally tabled. Shafting shareholders of the target company probably isn’t a great rallying cry to vote in favour