re: aun.on the move....
The chances of Austar being taken over at 16 cents were dealt a blow yesterday by ASIC. Austar released an annoucement saying something to the effect that CHAMP and UGC could not combine their shareholdings for the takeover. What this means is that CHAMP instead of proclaiming to hold 80% of the stock they hold much less and must also purchase UAGC holding in the takeover offer as well as the other shareholders.
Here is the paragraph from the announcement: ASIC has refused to permit the holdings of CHAMP group and UAGC to be aggregated for the purposes of determining whether they and their related bodies had full beneficial ownership of 90% of Austar for the purposes of compulsory acquisition.
Can I just say that I think ASIC made the right decision. Why should small shareholders face a takeover at 16 cents and allow UAGC to hold onto theirs.
This has led to some of the risk associated with Austar being removed. Because no one paying 20 cents plus would want to have their shares compulsory acquired for 16 cents. The reason the stock was up yesterday and today.
On top of this at the recent AGM the CEO made the comment that subscriber numbers were "very positive on a month to month basis"
I hold shares in Austar and theres no way CHAMP will be getting them.
AUN Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
