Strachan's view, page-6

Agree in the most part. However, the integrity of the contents of AZZ's announcements should be backed by ASX listing rules enforced by ASIC. After all, this is the very well regulated Australian financial markets we are dealing with.

The original announcements stated:
1. The purchase and sale agreements were executed
2. Completion WILL occur on or before 30th November.

This was further clarified with a statement:
3. No conditions precedent

Taking the above very 'definitive' statements into account it is easy to understand why investors were confident with the stock trading at 30c and even 50c.

The statements (2 & 3) imply very little risk associated with closing the transaction. (The only implied risk being the funding of the private equity purchaser but without a condition precedent to this effect, there should be recourse if the private equity purchaser were to pull out).

Jumping forward to 28 days (being the time taken to convene an EGM to approve the transaction) prior to the 30th of November, it became evident that statement 1 above was not going to be possible - so why was no announcement made to that effect?
It is only when these statements were not further qualified that the pessimism started kicking in.

I do agree, however, that JC will be doing literally whatever it takes to get the deal over the line because these questions will surely be put to him by ASIC to uphold the integrity of the financial markets in which AZZ operates and I am sure he is aware of this given that ASIC have already suspended the security for failing to meet its continuous disclosure obligations.

I am sure he is doing what is best for us and I just hope it is enough to get this over the line.