SEN 1.96% 5.0¢ senetas corporation limited

regulatory issues

  1. 349 Posts.
    Just got off the phone Greg Dearden of SEN.

    Managed to have a good Chat re: suspension.

    Bottom line IKL sounds to be a group of investors who want a 10% stake in the company.
    The transaction was theoretically ment to be completed approx 1 - 2 weeks prior to sen expected
    AR release. And it was all signed up and ready to go.

    However,

    Due to regulatory issues ( what ever thay may be ) it has effected the completion of the contract.

    The deal has been signed up and signed off on ie: contract to buy 46 mil shares purchaser & seller contract.
    Seems to be iron clad - done deal so to speak.

    Company did not expect any regulatory issues.

    hipothetically,

    If IKL attempts to escape contract as they have changed there mind - unfortunantly they cannot , they are in a binding contract and theoretically must pay up or matter will be placed in the hand of the solicitors.

    Deal was orginized by CEO & board member ( solicitor )
    Gallbaly + CEO. Shorely Gallbally would as far as the contract goes make it as binding as possible.

    As far as i can see a deal was done however, problems excist as far as closure or full completion of the deal.

    If IKL ( group of investors ) dont pay up theoretically they shall be sued or is there is a real problem with getting this money accross- regulatory issues.

    ITs clearly one or the other.

    However, as far as SEN is concerned they have acted in a normal above board manner.

 
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