@ empireof course I will let you know but I'm 100% sure that...

@ empire

of course I will let you know but I'm 100% sure that Mark would'nt reply - never replies to E-mails. Parallely I send the E-Mail to Ian who wrote the recent SMH article.
By the way - I remember AXO fairly well. Biggest mistake was to sell stocks like ORE, STB, AXO and GXY to early and the dogs like GBE to late -:)

@ the proceeds of the private placement cannot be used for a take-over offer by ECE because this proceeds are in GBE's treasury and the take-over offer has to be paid by ECE. But there are several ways to leak out the proceeds. A golden parachute for Mark and his buddies in order to buy the support of management and board is just one method.

Actually the report that is due shortly will hopefully bring some light in this black-box process. Best case for us shareholders is a clear committment in regard to the proceeds. If such committment will be broken or violated we small share holder could sue against management. But I fear ECE and Mark are to smart to become concrete in this point.