SYR won't make a TKO offer for CSE.
That would require cash (which they don't have and even if they did there is much more important uses for it - feasbililities, mine development etc) OR shares (scrip tko) which would defeat the whole purpose of the TKO, ie CSE's shares in SYR are cancelled, but roughly the same amount of SYR shares are issued for the TKO. (SYR are not interested in CSEs assets)
One potential avenue is to have the CSE shares in SYR cancelled in exchange for a direct interest in the project itself. But I doubt that will occur either because...
There are several mutual shareholders (ie entitities that have both CSE and SYR shares), therefore I expect the status quo will remain since SYR will be able to use some of its other non core assets to add value to CSE at some stage. As was tried with the mineral sands, but the rise in SYR SP meant it would be disadvantageous to CSE shareholders for the deal to go ahead.
The potential for a TKO of CSE is still there however since there may well be overseas entities keen to grab CSE to get a strategic stake in SYR.
Cdchi1
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