So we are coming to the pointy end of this so I thought I would re read the announcements and break it down a bit for my own benefit.
Total Shares on offer 1,421,538,989
Chinese own 1,279,811,551 which is the 90.03%
That leaves 141,727,438 let with other holders.
They announce a capital management plan so they can buy back 70m shares between 2 Jan and 8 Jan, that would if they can get the volume (Which is highly unlikely) take them to 95% total holding.
What puzzles me is that the results of the objections will be posted to the ASX on the 15th of Jan and then 2 weeks after that they settle with everyone and take everything for 30c, why do they even attempt the purchase of these shares now.
Only reason I can see is because they have been flooded with objection notices and know they wont get the 30c bid across the line. One would have to think with the small volume traded in this company most of the 141.7m holders you would think at least 3/4's where holders from the 55c offer and didn't sell then so why sell now.
This latest buy back for capital management stinks of something and I am just not sure what it is. But one thing I know is after the New Year I will be tuning in on 2 Jan to see how much volume is being pumped through.
One way or another we will know something in just over 2 weeks.
DYOR
GDO Price at posting:
29.5¢ Sentiment: Hold Disclosure: Held
