There is a lot to read in that binder statement. I note that PGO have agreed to a $400k break clause if the directors change their recommendation to accept for the offer...... there is no way an ‘independent’ director would agree to a term like that. As it puts a 400k premium for any other potential bidder..... why agree to that term? It is clear they are not interested in getting higher bids, or looking for the best outcome for shareholders.
Ann: Hanking Australia - substantial holder notice, page-7
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