So lets digest this by looking at what we know. 1. The notes...

So lets digest this by looking at what we know.

1. The notes expire on 31st March, if we assume 45 days needed for settlement and 28 days needed for an EGM - that brings us to the 17th January 2016. So this is the latest date AZZ has to complete the deal (subject to shareholder approval). My guess is AZZ want to avoid this date, so the next 4 weeks is crucial.

2. 'Anatares having received a request for extension' - Now, the wording say 'request' and not 'agreed to a request for extension'. This suggests that the deals are back to negotiation pre any contract. My question (as should be ASIC's) is how did an executed purchase and sale agreement with no conditions precedent not complete. On exactly what grounds was the purchaser allowed to not follow through and is there any recourse to them.

3. 'The Board of Directors is negotiating amendments to the transaction documents and will advise of the negotiations as soon as complete' - As per point 2 above, this further suggests that deals are subject to negotiations pre the purchase and sale agreement. However, this point does suggest that an announcement is imminent following some sort of agreement (or non-agreement). This point also raises questions as to what amendments to the transaction will occur - (most importantly price?)

Summary based on the above (my view):
The deals are open to negotiation again with AZZ not yet having agreed to the request for extension. AZZ will either agree to not agree to the extension based on the proposed amendments to the transaction documents and will advise us of the outcome. Given the deadline to complete and convene an EGM by the 17th January 2016 (failure of which could result in administration and investigation into the director's activities by ASIC), it is likely that AZZ will do what they can to agree to these deals even if it means a reduction in the purchase price. My guess is the parties will come to an agreement in the next 2 weeks, but this will subject to more intensive DD over another 2 weeks with the notice to convene EGM occurring just before or around the end of the year. Not sure how much importance can be placed on any conversations or discussions with Vicki...