Seems like instead of a confirmation of merger, Westside Corp came out with a capital raising of 2 shares for every 5 owned at a price of $0.25.
The indicative offer by LNG Limited is at $0.65. Seems to me it lowers the chances of a deal coming up. I mean LNG is not a very big company. It you look at the market cap for both company, they are relatively similar.
The biggest shareholder of WCL, New Hope Corporation, which is owned by Washington Soul Pattinson, has come out to support the capital raising. I would not be surprised if this idea of capital raising came from them.
Its getting really murky here. I'll keep my hands off until a definitive agreement can be reached.
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