RE: one day to go Mo1975, It is perfectly reasonable that they would continue to pay dividends through the merger process just as you say it would be inappropriate for them to declare their intentions if the merger does not go through. Ending the dividend is their intention if the merger fails. They will have no choice but to discontinue the dividend. They have already said they would in no uncertain terms and I have provided you the documented statement to that effect made by AvenEx management posted on their corporate website. That same corporate website states in no uncertain terms that the 80 million was used to pay off debt. Maybe there was some left over, but Corporate has made no such statement that there is any.
Lets remember that their 1 for 1 exchange rate for Spyglass was in large part based on share price when the merger was announced. Part of the agreement for going through with the merger was the demand that they had to sell Elbow River which in fact was the companies crown jewl. They gutted the company by selling it. Sure they got 80 million cash and got rid of 10-15 million debt that was assumed by the company that bought it, but in doing so they lost the revenue that was used to pay the dividend.
It would make no sense to stop paying dividends while the merger process was ongoing. All that would do is further enrage shareholders and throw a monkey wrench into the merger process as the stock plummetted.
Their plan all along was to avoid ever having to stop paying dividends by having the merger go through. If it does not go through they have the perfect excuse to announce an end to it. That being the failed merger and the sale of Elbow River which produced the revenues to support it.
Your dealing with sharks who know how to dodge culpability and avoid lawsuits. They are not fools.