Samuel & all,
Just spoke w/Tom @ ICC. My question, "What's the difference between
Letter of Intent signed in February & Plan of Merger signed yesterday?"
As best I understand:
All is going according to plan as much as possible. Although
all bodies necessary for the acquisition weren't in place, all
terms have been agreed to. Per the press release,the effective date of
the merger is expected to be early June. Per Tom, this is hopefully a
conservative time frame; May is possible/likely. We're better off to
count on June & be pleasantly surprised if sooner.
Mark is still over in Europe on road show - 3 days (Mon-Wed), 3 cities.
Private placement is for 1M shares. Sounds like oversubscribed by 8x-10x.
These institutions involved in the private placement, primarily European
banks, will know of their share allocation after completion of road show.
Upon learning allocation, hopes are that these institutions will
buy additional shares in the secondary market, thereby driving price up.
If shares are indeed oversubscribed 8x-10x, could be substantial buying
in the open market.
Some restrictions apply to these private placement shares, didn't get
details.
With annual fees and transaction fees on debit/credit cards, plus A-Net &
GlobalDEN, and an ADFIAP market of 20M clients, GOAE seems to have
tremendous potential.
One last note (FWIW) - Tom has been talking w/Mark frequently. Mark says
"Things couldn't be going any better!"
Lately, Mark's smile has been pretty much the extent of my due diligence.
Hope we'll all be smiling soon,
David |
