Pretty pathetic outcome so far that's for sure. Even the implied value of 20c per share in the announcement was derived from an opportunistic 10 day moving average of QGC price.
Looking at the QGC/RPM charts, the only thing I could hypothesise is that the original offer was made around the 29th May when QGC shares were around the $6 mark, and RPM was only trading at 15.5c. At least there would have been premium then.
I actually added a few RPM at 17c this morning...QGC would have to drop to $3.95 before the offer is worth less than that.
14 days for a white knight to show their hand...
A
takover by qgc, page-15
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