re: Ann: Takeover offer to lapse as a result ...
Looks like the directors of FRS are on the ball. The way that the deal was structured effectively shuts out Wah Nam from taking over FRS unless it acts fairly swifty. Wah Nam must show its hand very soon as the first step of the process was for Atlas to subscribe to buy 20% of FRS at 65c and later on to transfer some of its assets to FRS effectively giving Atlas close to a 40% holding. All the above will happen before the 4 to 1 script offer. With Atlas having 40% of FRS, Wah Nam's hopes of owning FRS is finished. IMO I still think what Atlas is offering is a low ball offer but after the mess and uncertainty that WNI created, I think that most of the shareholders just want the Wah Sham raping to stop and would accept any new deal. Who knows what these mOngrels would have done to the share price.
They have shown no ethics, respect, and had nearly gotten away with this Sham. This has also done the Chinese a disservice as all company directors will now be extremly cautious before letting a dragon in the front door again.
As an investor in FRS, I would enjoy seeing a counter bid from WNI but as an Australian, I just want them and their egos to just POQ.
FRS Price at posting:
82.0¢ Sentiment: Hold Disclosure: Held
