Can you inform me (provide a link maybe) to the section in the corporate law act (I presume its corporate law) associated with changes in the nature of business that carries the requirement that may be relevant to the $0.20 mark that you refer to.
I am unaware of any requirement in corporate law or ASX listing rules (but no expert in this area at all) that would carry any requirement on market capitalisation. The only thing I can think of would be something to do with dilution, or more likely a requirement specified by the seller of the projects so that they get the right value through the deal, i.e. issue 270,000,000 shares subject to an sp value.
I haven't seen any mention of this in the company's announcements other than the statement that the acquisition may be considered a Chapter 11 event and as such GSF may need to comply with ASX listing rules and get shareholder approval.
I think Burnett mentioned this $0.20 mark as well. If someone could clarify this for me it would be much appreciated.
Cheers SBC
GSF Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
