Titan "intention to bid" - pure crazyTitan's statement - not an actual bid - aggressive and .. bonkers crazy? Let's see. The judge established that Titan's shares were worth far less than claimed, or possibly even pretty well nothing, or even a bid negative worth. So all that Titan is offering is shares, nearly worthless or worse?
Clearly this, if it came to an offer, is even more ugly than the previous. No cash, an even worse share swap, and Titan having been heavily discredited for the nature of their operations - even criminal elements alluded to in court. Who would want to associate with such an outfit?
There could be a bump in share price tomorrow. There has been speculation that it was Titan that has been pushing down / depressing the share price, even when it went down to 14 cents. So if Titan turns that around, they could push up the share price, in the same way some have claimed Titan does its own share price. Which, of course, are not even trading yet - so have no reference value at all. 2.5 shares of what?
Acquiring Core's debt from Vertex - it's clear that this is nothing but an aggressive move. Titan can convert US$1 milion of that into voting shares at 18 cents. How did THAT repricing occur? Was part of Core's team instrumental in that? Titan tries to make it sound like acquiring the debt is a favour - a fairly ridiculous claim. Obviously it's a negative for Core shareholders.
There is likely a lot of interest in companies investing in Core Gold at this time. So getting rid of some of the uncertainty around Titan is a positsive, at least. Everyone has a crazy neighbour - might as well know who. On the flip side, we may not hear a lot about the bidding process, but this move by Titan could move things along.
If members of the board acquiecse to this even-worse offer, I would see pitchforks, tar and feathers on the horizon. But, perhaps it will be the under-water-level bar to beat. Titan clearly paints the "worst case scenario", so it gives other companies an easy background to shine out in front of.