Well justice prevails. And those contending that the director's actions were unethical have been vindicated.
Key points:
- Hatziladas, Eye Investment, Guglielmo and Shaw have had their acceptances reversed and must wait 14 days from the release of DLS supplementary bidder's statement before deciding to accept Drillsearch's offer.-
- Former Ambassador shareholders who sold their share to DLS have 'withdrawal' right. In otherwords, if Magnum offer something juicy they can sell to them instead.
Now that control of Ambassador is up for grabs again, we might see a raised bid from Magnum to acquire the shares Drillsearch now have to, effectively, put on the market again. I hope Magnum have taken the time provided by the Takeover Panel adjudication to line up an all cash offer.
DLS Price at posting:
$1.58 Sentiment: Hold Disclosure: Not Held
AQO Price at posting:
34.5¢ Sentiment: Buy Disclosure: Held
