highly suspect there's a problem with the overdue $10M. The shareholder approval on the deal was good for one month starting 27 April. So ATI has to receive the cash and issue the shares by 28 May (27th was a Sunday), or else arrange a new EGM to approve the deal, or get an ASX waiver. Either case would be highly unusual.
So there's two possibilities: 1 it's all done and dusted and ATI is just slow to inform the market of this good news (unlikely since a 7 tonne vanadium shipment was newsworthy), or 2 the cash didn't arrive (more likely) and ATI is in the unenviable position of sueing its CEO and major shareholder for breach of contract
It just goes from bad to worse for ATI...but the saga is approaching its end - expected time of death is 15 August 2012, when the next interest payment is due on the $300M junk bonds and ATI has to top up the escrow account.
ATI Price at posting:
41.0¢ Sentiment: ST Sell Disclosure: Not Held
