In the notice for the EGM to be held on October 18 INE stated " Monday 16 August Final date for receipt of proposals Thursday 30 September Either agree a restructuring proposal or proceed to a further EGM to wind up Currently the Directors are evaluating the proposals received in relation to the potential future business for the Company and will advise you the Shareholders before 30 September 2010)"
Well,the Directors didn't offer such advice before September 30 and still haven't today October 1.Not a good look even if they are still trying to finalise a deal.
In the meantime I find it hard to take seriously that BellIXL's intention to make a bid will ever proceed beyond an intention as I would rate their chance of success as zero.
I am not interested in seeing INE spend around $2 million to wind up the company so at this stage I will be be voting to remove the present Board and hope for Wilson to provide some new ideas.
Still a few weeks to the EGM so something else may turn up.
INE Price at posting:
5.5¢ Sentiment: Hold Disclosure: Held
