Well it's a long time since MTQ's last announcement about the takeover and after looking at the numbers it is easy to understand why.
They now hold only 84.4% and require another 104 million shares to reach the targetted 90% and only 20 trading days between now and 5 April. They now need just over 5 million a day if they are to reach the target.
Over the last 23 days of trading they have averaged only 812,000 per trading day so it is an extremely challenging task they face.
IMHO it is most unlikely that they will reach their target and I have always held this view as it isn't a popular takeover amongst shareholders who know anything about the business and the offer price is ridiculous and an embarrasment to shareholders.
I noted in the half yearly report that the directors and RK spoke about the MTQ takeover as if is was a fait-a-compli. I wonder how they sleep at night.
NMS Price at posting:
3.2¢ Sentiment: Hold Disclosure: Held
