July action will increase value, page-7

s/he is correct - read the announcement from the takeover panel. They are trying to look after the holders that have already accepted the offer to have a chance to review the new information that has come to light and decide to either continue with their acceptance or withdraw from the offer.

When the below comments are in the board minutes then i cant see why you wouldnt withdraw your offer, also the AGM presentation was after the initial offer.

"On 30 April 2018, Realm held a board meeting. Mr Galt advised the board that he did not “support the tabled resolution to progress the capital raise.” This was because “in his view • the capital raise is not timely and should only be considered when the bid was completed • he will not sign off on $1.00 raising price • the process is going to take less than six weeks when it starts, and • costs associated with proceeding with the capital raising as proposed are unknown"

“Since completing the acquisition, Realm has introduced a new plan of operations at Foxleigh which has resulted in the mine achieving record levels of production and a significant reduction in unit operating costs. Coupled with improving coal prices this has allowed Realm to generate over $100m in free cash flow from Foxleigh since acquisition.”


I would now assume we would get another order from the takeovers panel closer to the 3rd of August stating what needs to happen if Taurus have not received the minimum amount required about what happens next. I.E. are the takeovers panel going to force a cap raise?

If they are going to force a cap raise then its going to be very interesting to see what the directors raise at.