Ruffy bought his 16% personally. PACT is listed and has a board. There would be an issue with respect to governance if PACT were to make an offer. Ruffy at least needs to recoup his investment so I suspect that the board would be tasked to ask for more not necessarily have Ruffy bidding up teh price.
Having said that the board may just have played a beautiful tactic. Ruffy showed up on their register so they went out looking for a buyer to flush Ruffy out. You really want to know if a 16% shareholder was going to take you out or just sit on your register.
Also I cannot believe the board has announced that the business is being bought by an investor without having spoken to a 16% shareholder!
This sounds like the board has executed a great tactic, I suspect if Ruffy (personally) or through PACT (I doubt) will be seriously considering an offer for CKL.
The fact that PACT bought Jalco only tells me that CKL would also be attractive to PACT. Lets wait and see but I do believe a sweetener is coming to get this transaction over the line!
CKL Price at posting:
70.0¢ Sentiment: Hold Disclosure: Not Held
