Contracts issued August 2014.
Settlement expected January 2015.
Advised 31st March that 8 of those centres won't settle until November 2015.
Am surprised by the extraordinary length of this process. Since the introduction of ACECQA, the process of a transfer of service is normally 42 days before the actual date of transfer. If the regulatory authority refuse to consent to the transfer, it is normal for the new provider to be notified 28 days prior to the proposed take over date. If settlement was expected by end of January 2015, it would mean that, by law, G8 would have been notified of concerns in early January 2015. It maybe, as they say, beyond the control of the vendor and G8, but the delay in notifying shareholders is unacceptable.
They also issued contracts on 20 other centres on 20th October 2014, with expected settlement during February, 2015. There has been no notification or update issued to shareholders of those centres having settled.
GEM Price at posting:
$3.28 Sentiment: None Disclosure: Not Held
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(20min delay)