Tom. In reply to your question as to why the price is not 66c:
a)It's not a formal takeover offer yet. For it to be a formal takeover offer, the board would have to approve it.
b)For any takeover to be successful it would require Dingyi to acquire as many shares as possible. Hence the weak price. It's being viciously accumulated to collect votes/shares. Is Dingyi buying it's own stock also?
If the ASX is pricing a takeover as a fail. Then why is Hong Kong pricing it not only as a sure thing, but extremely excited about it happening. Remember that when takeovers happen the price of the acquirer usually falls due to the outflow of cash. But in this case the opposite is happening. This tells us the the Chinese are very excited about getting a bargain at 66c.
Lets see whether management really has prioritized delivering value to ELM shareholders. Let's see if they have glass ones or steel ones and take the fight to Dingy
K2P Price at posting:
46.5¢ Sentiment: Buy Disclosure: Held
