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CPB announced a new issue today to raise $196 million of which $87 million is required to take over PST.The new issue closes on November 2.CPB is now in the position that it is raising $87 million for no purpose which may encourage them to work out a deal with the MD of PST.Without him on side they have no hope and only require $109 million but I can't see them redrafting the new issue documentation which has already been released to the ASX.
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Cash offer at nearly double where PST has sat for the last few months. Pretty good offer I would have thought considering the debt pst is carrying. "Not being in the best interests of shareholders...". Not being in the best interest of the ceo more specifically.

 

I doubt we've heard the end of it.

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