"..The only thing that I would really love to know now, is as to what made our MD and the Board change their mind so quickly and just in less than a couple of day..."
because they were beaten - it's that simple.
the power of cash offer simply enticed too many shares to be sold into the offer.
once they grabbed the Walker parcel, then that was pretty much game over - because that gave them almost 40%, which was effective control.
clearly if Walker had not agreed to seel, then the t/o never would have been launched in the first place - at least not an on-market t/o.
so, in the end the ADE directors had nowhere to go. they did not want to be locked into a delisted, illiquid investment, and they could not recommend their s/h that path either.
what a blitzkreig eh?
cheers
ADE Price at posting:
20.0¢ Sentiment: None Disclosure: Not Held
