as posted earlier, we need somebody to manage the process of delaying the takeover via an official legal process via the legal profession. As individuals, we don't stand a chance of even getting our feet in the door. If anybody has any contacts, please use them at this point of time to ask questions that need to be answered:
- Would the issuing of shares at 26c several days prior to the takeover offer warrant investigation as to who was granted shares, amounts purchased by various funds, directors, and existing shareholders? Any potential conflict of interest should be investigated before the takeover proceeds. - Could the close association between the ADI board and AWE board, and physical/geographical location of offices be considered a potential conflict of interest given potential allocation of shares and/or subsequent performance bonuses paid to directors prior to, during, or after the takeover offer? - Should the expenditure of company funds during the takeover offer be considered a breach of corporate law given the minimum price mentioned in the target statement is likely to not be endorsed by the board? Were shareholders misled into a false sense of the board supporting a minimum price of 60c? - Given that the share placement took place specifically to fund forward drilling programs, should an official audit be performed on the money trail of these funds from the date of acquisition to ensure they have been deployed as stated to the market? This event (the placement) had an impact on ADI's share price directly prior to the takeover offer, and should be considered as highly relevant to any investigation of the use of these funds. Any use of funds other than to take part in the forward drilling program should be considered a serious breach of intent, and associated misleading statements in regards to the placement should be investigated.
ADI Price at posting:
42.0¢ Sentiment: None Disclosure: Held