this is all a bit of a mystery to me...., page-2

NZ - mate another really good post - a TU from me. I think you have nailed some pertinent issues.
Like all of us, we simply are not privy to the detail of this process and have to make our own assumptions.

And that's the problem - There is no formal Offer.

They only have proffered a Proposal, so the WCL Board have nothing to take to s/h. And that is what the Board are trying to negotiate now it would seem.

The situation with WCL is further complicated (but not exclusive just to WCL) in that the major s/hs hold 50%-60%with the Board holding well over 40%.

The problem with WCL is that there is no point in a Suitor making a formal Offer if the Board will not accept the Offer and accept for their own shareholding.

Very frustrating for sure.

cheers