Hi el, your rant last night was well expressed & plainly set out the frustration most shareholders are feeling with the recent set of circumstances. In some cases I thought you were a bit harsh in some of your judgements but there is no point debating the semantics of the issues. Whats done is done & this is where we are.
I too, got a call from LMB this morning & received the same broad brush picture you have reported. There are 2 options, either a new negotiated deal at a better price for LMB or we walk away. One or the other.
Any new deal though will still be based on the valuations of Hengda arrived at by BDO & Runge in their due diligence. The new question is how much can we trust these reports when a fair bit of their research will have been based on information that came from the Hengda representative who has deceived LMB & their representatives (BDO & Runge) about the ownership of his shares.Has any other deception occurred? That is the question now left open.
Fundamental trust has been completely lost here. This new disclosure came so far out of left field that it has left many people questioning everything they have been told up till now.
Should a continuation of the merger process be the decision both LMB & Hegda will need to work very hard to regain any trust from shareholders & potential new backers & investors.
The process of regaining that trust has to start by publishing a full & complete open disclosure of all the due diligence reports & valuations, warts & all, including actual sales figures, profit margins, plant valuations, etc. No half measures will suffice. All questions, & then some, will have to be answered in black & white, independently.
HXG Price at posting:
33.0¢ Sentiment: Hold Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)