A key term of the MOU is that the share sale agreement to be executed between Odin and the SPV, which will acquire the operations of Gridcomm, will include but not limited to the following terms.
Odin being satisfied with its commercial and technical due diligence.
100% of Gridcomm shareholders agreeing to the SAA terms and conditions.
Gridcomm obtaining all requisite shareholder approvals.
the process may be taking its time but that does not mean in anyway the deal is off, anyone claiming this needs to get a life and post constructively or just post on stocks they own. (show your evidence)
11th December 2015
The company updated the market in regards to a capital raising of $635000 which is exactly what they asked for with EXM, its inline with what the company believes it will need to complete DD and working capital, they could have raised more or less but again inline with EXM, which makes a little sense.
The company also noted that it had entered into an agreement to dispose off its assets which would allow ODN to fully focus on Gridcomm!.
16th December 2015.
ODN updates the market saying ''it has completed technical and commercial Due Diligence and will now proceed with completed a share sale agreement to acquire 100% of Gridcomm.
the way I see it now, its not in ODN,s hand anymore, the next step was Gridcomm shareholders excepting the terms of the agreement, reading all the announcements it seems Gridcomm is very busy expanding its portfolio....really who knows what is going but this delay does not mean anything as there was no timeline given.
5th January 2016
The company released an announcement explaining the signing of the agreement has been delayed due to holidays and the movement of key personnel and shareholders
Reading the highlights, the company Gridcomm seems like it is all over the place making deals and working, which explains the above comment by ODN, it could also mean Gridcomm feels it needs to change the agreement?
25th January 2016
The company ODN updated the market in regards on Gridcomm Activities and stated the Deal was pretty much waiting on Gridcomm shareholder approval, I wouldn't be bagging ODN yet there is zero info which indicates the deal is off but there is 100% info that the deal is going through
29th January 2016 ODN again updated the market in regards to the transaction and I do feel the pain of those who wanted a quick trade and are now holding on to a loss, the way I see it and again for the tenth time, there is nothing yet that indicates the deal has fallen through, but if you really believe it has fallen through, sell your shares but don't come back crying when the deal does go through when you least expect it. As for the consistent down rampers who don't hold and have nothing better to do than rub it in the faces of shareholders that the world is going to end and that they stuffed up BIG, I PROMISE YOU, you will not be hearing of them once the deal is through and I do believe the deal will go through
Just remember this the company is not going to bend over for shareholder just because they took a punt and want a quick trade, they will release announcements when the time is right.
ODN Price at posting:
1.3¢ Sentiment: None Disclosure: Not Held
