Resimac along with Bermuda National Limited (BNL) has entered the fight for control of Firstfolio. This group now has 11.63% of the shares on issue, looks to have picked up a further 3.0M shares so far this morning and we have buyers @ 2.7 cents wanting a further 63 million shares - it looks like this relates to Resimac/BNL.
Resimac has sought FIRB approval so that it can proceed to increase its shareholding above 15%. As a consequence the sellers have dried up and very few shares (in dollar terms about $100,000 worth) are on offer below 3.5 cents. Interesting times.
The independent directors believe that the Resimac offer is inferior to the current Recapitalisation proposal, however, I don't believe they are taking into account that the Resimac offer will result in a much reduced number of shares on offer compared to the planned Recapitalisation proposal.
Let's see if either party decides to get aggressive and improve their offer/proposal. There appears to be plenty of room for them to do so.
DYOR
resimac
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