I think the administrator and the management of this company was stupid enough to allow JBL to lock them into the negotiation without allow them to find the alternative. JBL know that if they drag this long enough PLA will run out of cash and into the desperate then they will nail dead blow by change the term in their favour...it s a tactic to rob PLA holder outright...seem to be a collude plan between Macquarie bank and JBL do divide PLA asset among them.
Either the administrator to step in now to break off the miserable deal or PLA shareholder will do it for them by vote NO.
At original merge ratio of 2.5:1 the independent asset valuation already say it s not fair. I wonder what those independent asset valuators will call it now at 5.6:1?
Event if PLA going to liquidation and asset put for sale. Macquarie still can't sale PLA asset to JBL at peanut price under market value like JBL want to pay $9.8M now...if they don't want to be sue by PLA shareholder for damage like ANZ bank get into few year back.
PLA shareholder can swipe the smile off the JBL's CEO by vote NO to this dodgy deal.
PLA Price at posting:
6.7¢ Sentiment: None Disclosure: Held
