Target Energy has just released an announcement to the ASX advising TEX holders to REJECT the revised offer from Blaze.
As before, to REJECT the offer,you simply DO NOTHING and ignore all communication from Blaze.
The announcement points out that over the past 7 weeks Blaze has picked up just over 5% of TEX, which means 94.9% of TEX shareholders rejected their offer. This must make the Blaze offer one of the least successful takeover offers in recent memory.
The revised offer still represents a 33% discount to the valuation placed on TEX by Independent Experts Grant Thornton.
As noted in this and other threads, there continues to be serious concerns and uncertainties about whether or not AVD remains a going concern, and if it is capable of meeting its massive debt servicing obligations. It own auditors have made this point in its annual accounts.
As I've said before, I believe this is a cheap and brazen "cash grab" by a group of "Somali Pirates" who have burdened their own companies with excessive debt, and are seeking to use Target's cash to extract themselves out of the hole they've dug for themselves.
I handle media and investor relations for Target, and my name and contact details on at the bottom of all Target ASX announcements. Any TEX shareholder who wants to contact me to discuss the revised offer,is welcome to do so.
TEX Price at posting:
5.7¢ Sentiment: None Disclosure: Held
