Shareholder approval will be required for the deal, and there will have to be a meeting before 30 April.
It looks as though consent will be required (at least) for the issue of the 300m consideration shares and for a capital raising of $3.5m.
There are also the consideration options exercisable at 3cents on or before 30 June 2014 - 150m of them. That's not a big deal once the current SC is increased for the consideration shares and for the shares to be issued for cash in the capital raising - I don't know how many but its possible to take a guess.
In the meantime, there are regulatory approvals mentioned and also due diligence and review of the data (can't tell from the news release whether they have full access to the data yet - may have missed it).
Next news will probably be details of the CR and the setting of the shareholder meeting date possibly conditional on satisfactory completion of due diligence. They have allowed themselves a lot of time although they may not need it all. Because of the statutory notice period for a shareholders' meeting they might wish to fix the date of the meeting as soon as they've decided on the CR details - under UK law they would have to circulate the resolutions to be put to the shareholders at the meeting so they would need to be in a position to draft them.
That's my guess
MOO Price at posting:
1.3¢ Sentiment: Hold Disclosure: Held
