The winners are the dodgy directors and the rest of us who have seen the shares diluted over the years (not to mention the assets that were sold under the new management) were always marked to lose.
This is a day light robbery and ASIC has proven from time and again that they don't care about the people who are going to lose from these type of dodgy deals (its not uncommon). I am not sure what was the point of the directors buying in such a hurry in the recent months just to transfer their votes over to the bidder. Again, not sure if it was done to help the bidder get over 90%?
If there is a way to probe the network of the top share holders, directors, bidder and the Chinese govt , we may find how they are all connected. I am hoping there is no connection. Or maybe, we may find out how the price was kept so low (who were the buyers/sellers?).
The urgency to sell our proven asset for such a low value when the copper price is already on the rise shows the credibility of these directors. It makes me feel that they want to get this deal over the line in a hurry before the shareholders find out that our assets are worth much more.
However, dont they need to get 90%+ in order to make the TO confirmed?
If they don't get 90%, do they need to come up with a realistic offer?
QMN Price at posting:
16.5¢ Sentiment: Hold Disclosure: Held
