also, the shares have now traded significantly through offer price. I think about 20mm shares – a not insignificant number – have traded north of current terms, and every day that goes by this number increases. it is quite likely (in my view) that the deal would be rejected outright, at current terms, given the voting requirement, unless it is significantly amended.
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SIAS, a Singaporean minority investor ‘watchdog’ of sorts, has issued a public call for an improved offer from GEAR: https://sias.org.sg/latest-updates/appeal-to-golden-energy-and-resources-limited-for-review-of-offer/
also, the shares have now traded significantly through offer price. I think about 20mm shares – a not insignificant number – have traded north of current terms, and every day that goes by this number increases. it is quite likely (in my view) that the deal would be rejected outright, at current terms, given the voting requirement, unless it is significantly amended.