Just under 6% more needed, not a huge % but highly unlikely to be achieved, if a second more appropriate bid for us left if this one is unsuccessful is placed, will it be nearer the IDC recommendation.
The consortium could move forward with the funding, they will own the vast amount of shares and be happy with that, maybe buy on the open market untill enough shares are in their hands to push though the takeover, or give a more fair offer price.
The IBC preferred value of 0.285 A$ per share would cost roughly the takeover group 18million pounds(£).
If this takeover does fail hopefully to gain full control the group will come back with a offer more substantial.
Many wont want to sell at the IBC preferred value still as the up side of production is great, A concern is a split board and money drain.
Time will tell, but i am holding until a more suitable offer is placed or we go bankrupt.
Saying the takeover bid is unsuccessful where then. Having a board working together hasn't enabled MC Mining to get the funding required, a disjointed company isn't going to be that appealing.
Hopefully the early extraction of coal is achievable to boost funds and all concerned join forces if not could get very messy, drawn out and unproductive.
All the timelines are in the RNS which are set going forward unless bid is withdrawn,I’s dotted T’s crossed, what hasn’t been made public is the company’s response other than ‘take no action’.
The company will respond with a target statement, which hopefully will be their words, highlighting the value unlocked IF we get funding, as per sandman99 previous post funding hasn’t been easy to secure,and a independent expert report, maybe like the Tennyson report but shorter bullet points.When these are released sooner rather than later it will give investors a fair and balanced view.
I would also like the company to release details on their accelerated coal production plans and funding requirements, personally i dont think its possible a smoke screen against whats happening but some clarity would be good.
Myself, i wont be taking up the buy out offer at this moment in time but if no counter argument appears makes one wonder.
Regarding the Independent Board Committee hope that arrives sooner than later, can't say 'take no action' much longer, need a reply.
The plans to extracting coal early also need to be made available, if feasible could lead to interest, personally I believe it's not and clutching at straws, but the professionals on the ground know a lot better.