Canada does not have the same guidelines regarding break fees as we do. Here, the Takeovers Panel says 1% max. For this deal, its 5%. The highwatermark was Norilsk Nickel's takeover of LionOre a few years ago (if anyone remembers). I seem to recall the break fee was $300M for a $3B deal.
This is obviously all about Trafigura. For some reason, they did not want to become like Glencore (i.e. a trader-cum-producer) so they decide to sell. When 40% of your scrip is on the market the board has a gun to their heads - you cannot sell that down on the market so you have to find a bidder. MMR were obviously the highest bidder. The patient ones (us) get screwed out of an ENORMOUS upside and we lose another investable security from the bourse. Nevertheless, the BOD should never have accepted $8. As far as I can tell, everyone was happy to hold, even at these prices, in the knowledge we were onto a winner.
- Forums
- ASX - By Stock
- sold for a song to the chinese
Canada does not have the same guidelines regarding break fees as...
-
-
- There are more pages in this discussion • 4 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Add AVM (ASX) to my watchlist
(20min delay)
|
|||||
Last
2.2¢ |
Change
0.000(0.00%) |
Mkt cap ! $3.706M |
Open | High | Low | Value | Volume |
2.2¢ | 2.2¢ | 2.2¢ | $3.668K | 166.7K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 41781 | 2.2¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
2.4¢ | 239778 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 41781 | 0.022 |
1 | 246844 | 0.021 |
3 | 266925 | 0.020 |
1 | 52630 | 0.019 |
1 | 166666 | 0.018 |
Price($) | Vol. | No. |
---|---|---|
0.024 | 239778 | 1 |
0.025 | 134037 | 3 |
0.026 | 406643 | 2 |
0.027 | 150750 | 2 |
0.029 | 92770 | 2 |
Last trade - 13.20pm 03/10/2024 (20 minute delay) ? |
Featured News
AVM (ASX) Chart |