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Oil and Gas Discussion BB
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MMT buy, bye delayed one more month - "Something's Going On" :(Those on this BB that are still interested in MMT and the MW takeover should know that today it was announced that there is another month of delay. ------ News Release ------ CALGARY, ALBERTA--(Marketwired - July 27, 2015) - Mart Resources, Inc. (TSX:MMT) ("Mart" or the "Company") announces that further to its press releases of June 15, 2015 and July 16, 2015, Midwestern and Mart have jointly agreed, pursuant to the terms of a second amending agreement (the "Second Amending Agreement"), to further amend the terms of the arrangement agreement dated March 15, 2015, as amended by the amending agreement dated June 15, 2015 (the "Arrangement Agreement"), in order to facilitate completion of the Arrangement. Under the terms of the Second Amending Agreement, Midwestern now has until August 26, 2015 to complete the transaction, unless as otherwise agreed in writing between Midwestern and Mart. The Second Amending Agreement also grants Midwestern an extension until August 19, 2015 for the completion of a financing by Midwestern required by it to complete the transaction (the "Midwestern Financing"). Mart received an update on the status of the Midwestern Financing and was satisfied that it was appropriate and in the best interests of Mart to grant the requested extension. If Midwestern has not completed the Midwestern Financing by August 19, 2015, Mart is able to terminate the Arrangement Agreement and compel Midwestern to provide to Mart the benefit of the CAD$5.8 million reverse break fee contemplated by the Arrangement Agreement (as amended). The Second Amending Agreement also provides an additional covenant on behalf of Midwestern that should the transaction not be completed, Midwestern will pay Mart's portion of a corporate tax liability out of the proceeds payable under the reverse break fee. Additional information regarding Mart is available on the Company's website at www.martresources.com -and under the Company's profile on SEDAR at www.sedar.com. ----- End of News Release ----- There is some discussion on MMT's BB about "why" and some posters are getting quite personal - no surprise of course. My take goes as follows and it is a reworked post of one that I left over on MMT's BB... MMT's BOD had First Energy do an evaluation on the takeover. Considering that First Energy had evaluated MMT well over C$1 and then said that the C$0.80 is fair strongly suggests that First Energy was given something that it didn't have for the over C$1 estimate. Because First Energy [FE] has a decent reputation one has to take notice of this switch. A company like FE wouldn't throw its reputation away for the small sum that it was paid for the evaluation of the takeover offer. I voted "si senor" as I believe that should we not get the C$0.80 something not very nice is going to happen to the price of my MMT shares. This doesn't make my opinion right, but that is how I feel. It is very difficult to give A.N. Other scenario that is likely to hold up should the deal fail. I know people that have worked in the O&G industry in Nigeria and it is a world that is so different to how we live in North America that I won't even try to illuminate it. Further, that was several years ago and I am led to believe that matters are now worse than they were then. It is an easy out to let the BOD and senior management off of the hook and say that they are all waiting for a decent pay day. MMT could have terminated this offer now twice, but it hasn't. I do not buy that not terminating the deal is all for self interest. I repeat "there is something else going on" that will have a negative effect on MMT's share price should the deal fail. Speakers on please: From Cowtown, jwall |
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Msg # | Subject | Author | Recs | Date Posted |
32907 | Re: MMT buy, bye delayed one more month - "Something's Going On" :( | makemoneyinoilandgas | 1 | 7/27/2015 10:00:10 PM |
32914 | Re: MMT buy, bye delayed one more month - "Something's Going On" :( | rigdowntex | 0 | 7/28/2015 9:26:29 AM |
32918 | Re: MMT buy, bye delayed one more month - "Something's Going On" :( | Naamkat | 5 | 7/28/2015 10:25:37 AM |