No 2 ...continuing
Despite the persistent take-over talk, both companies in January denied there had been any discussions over a potential corporate hook-up. GWR managing director Gary Hutchinson, subsequently confirmed in April that broker Bell Potter had pitched a potential take-over of Fairstar in December that GWR did not believe was worth considering and no action was taken.
Adding to the intrigue, Mr Doutch in June also registered a new company, Classic Iron Pty Ltd, which operates out of Fairstar's former Osborne Park address.
On Tuesday, the talk of tie-up finally became true when Fairstar announced a five-for-one all scrip take-over for GWR.
GWR immediately advised investors to take no action and FAS shares 6c to 55c, slashing the national value of its offer to $2.75 per GWR share. GWR closed 7c firmer at $2.25 yesterday.
Sources close to the dissident group last night claimed that FAS had been sparked into action after discovering the group's plans to push a board shake-up and distance GWR from Fairstar.
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8.0¢ |
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Mkt cap ! $25.69M |
Open | High | Low | Value | Volume |
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Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 10000 | 7.9¢ |
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Price($) | Vol. | No. |
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8.3¢ | 17497 | 1 |
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1 | 100000 | 0.078 |
1 | 16307 | 0.077 |
2 | 151578 | 0.076 |
1 | 41666 | 0.072 |
Price($) | Vol. | No. |
---|---|---|
0.083 | 17497 | 1 |
0.084 | 276612 | 1 |
0.085 | 200000 | 1 |
0.087 | 59687 | 1 |
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