Noticed overnight that Cape has scheduled an EGM to move a resolution that the borrowing limit contained in the company's constitution be increased. The EGM is scheduled for October 16th.
Very, very interesting indeed. They already took out a 240M pound debt facility not long ago, which facilitated their two takeovers of Concept and TCC Group.
Perhaps i'm reading too much into things, but i think this potentially represents good news for us as PCG holders. In moving this EGM, Cape obviously need more money than they initially thought they would to take over PCG. My confidence that a higher bid will come within the next two months just increased in light of Cape's announcement.
Best case scenario is that a 3rd party like Rigblast or WACO enter the fray and push the price to perhaps $1.40-$1.50, and then Cape, armed with more debt capabilities following their EGM, have capacity to pay even more.
I reckon you'd be crazy to sell out now. Things are happening behind the scenes.
PCG Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
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