A deadline was set for 5pm today for director Hamish Ogston to announce his definite intentions regarding the purchase of the company for 1p a share, at most.
Shares are down 21% to 2.75p as at writing. Presumably 1p is their maximum theoretical value though, anyway.
Anyway, the deadline has been extended to 5pm on 31 May. I don’t know, but I’d hazard a guess that the deal is effectively dead. I suspect he’s thought about it, and come to the conclusion that he can’t make it work. Could be nearing the end of the road for CPP, then, as without the offer and consequent financing that goes with it, the company would appear to be a gonner. I could be completely wide of the mark though. Will be very very interesting to see how this plays out.