Who would sell at 18-19 cents?Shareholders had the right to compel Bioniche to buy 100% of their shares at 23 cents by dissenting to the proposed sale of the Animal Health Business. So anyone selling today at 18-19 cents in size is either lazy or knows something that is new-news since the Special Shareholder Meeting on April 14th.
Granted, to dissent, the shareholder would have to register their shares and then submit a written Dissent Notice. That could have been presented at any time up to the start of the meeting, including handing it to the Chairman. Then a few weeks later, the shareholder would have to submit a written Payment Demand to the company. They are entitled to receive fair market value established as at the close of business prior to the meeting. The close price the on Friday April 11th was 23 cents.
Bioniche reserved the right to cancel the sale if more than 10% of shares asked to be bought back. That means the company was prepared to buy back up to 14 million shares.
So anyone selling today just likes to lose money.
One possible source of selling is the group of Animal Health employees who learned on April 16th (the first day the new guys took over) that they would not be offered jobs by the new owners. Those people are now out of work and likely as angry as Zep. They might be selling now.