I was wondering why the offer was not extended, but it came to sense for me, that even though Raffles Capital (RAF) accepted SOC's offer for the majority of their PMR shares.
They still chose to retain 10% holding in PMR. This clearly blocked SOC from getting the required 90.1% holding to fully and compulsorily acquire 100% of the company of PMR.
Well, I chose to go over to SOC and accepted the takeover rather than face very low liquidity with high prospects of a falling PMR share price due to low liquidity.
If anyone is aware with the FML and HK Stone Mining tussle for the takeover of CRE. Stone Mining had over 10% of CRE and at best FML achieved a takeover of around 81% of the issued CRE shares.
FML frustrated with missing out on the over 90% acceptance, argued to the ASX/ASIC that both FML and Stone Mining had over 90% holding and requested that FML could delist CRE from the ASX due to that outcome.
Guess what, it was approved. Now CRE is delisted (for reference refer to previous announcements).
So for those who were lazy in accepting the SOC offer, good luck to you all.
Yes the offer was not in our interest, but once is someone controlled over 80% of the stock before closing date (without an extension), chances for you to won't get a good price there onwards.
PMR Price at posting:
25.0¢ Sentiment: Buy Disclosure: Held
