MMC Contrarian Riding it to the wire
MMC Contrarian (MMA.AX) holders voted with their shares. Holders of 33% of MMA has so far rejected GPG’s scandalously low bids of $0.48 and then $0.50. I haven’t heard what Nicholas Bolton has done with his 5.5% holding. Bolton’s Australian Style Group started buying MMA in May and bought consistently through until September 10.
The worst outcome, would be for Bolton and some other 1%+ holders to sell out late today. As the last place I want to be is with GPG controlling the constitution and not having compulsory purchase, i.e. losers land of 75%-90%.
1.16M shares have sold today. Comprised mainly of small trades with two 75k packages worth $37,000 being the two high outliers. So no big sellers yet.
I’ll update this post later in the day.
At 15:18 GPG have picked up 3 million shares today, they now own close to 67.7%
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GPG ended with 68%. No compulsory acquisition. http://asx.com.au/asxpdf/20091109/pdf/31lxttq0tgsw0c.pdf
GPG already had two directors. Will they replace current management? Rest of the board? Build a business or take the cash? I’m happy with either.
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