Hope everyone can now see why the SP was being suppressed over all those months (even though the project was being steadily de-risked).
I find it interesting the Directors are now at pains to highlight the risks involved if you don't agree to the Scheme (and the potential negatives of the project in general). Why does the scheme booklet need to be 349 pages long? Seriously - who is going to read it?
It seems to contradict all their previous narrative on the Panda Hill project - which was supposedly an "outstanding" and "world class" project that promised huge returns which had equally huge NPV's blah blah blah. Isn't that what attracted us to the company in the first place? Now it seems to be like rats jumping off a sinking ship.
As I have said before - I have really learned my lessons by being able to witness what has gone on in CXX. I believe the Board's reputations have taken a hit and I now know what companies to steer clear of in the future. IMO, it has just been one big snow job - where greed has been allowed to topple genuine business investment.
But rather than criticise Mr Still & Tremont etc - I would like to congratulate them on knowing how to go about taking over what would have been a hugely profitable Australian Company - for pennies on the dollar!!
One thing I would love to ask them though is....."If the offtake and financing agreements are not yet done, why didn't they launch their takeover bid a couple of years ago when the SP was .15c? Based on the same 43% premium, they could have saved themselves 12c per share. It doesn't make sense.
So what's really changed that the rest of us doesn't know about?
CXX Price at posting:
32.0¢ Sentiment: None Disclosure: Not Held
