RE:RE:Reverse break-up fee.
The quote from July 30th NR : "Completion of the transaction remains subject to the regulatory approval of the Chinese State Administration of Foreign Exchange ("SAFE"). Accordingly, the deadline to receive the People's Republic of China approvals has been extended to September 30, 2016. In exchange for this extension, Geo-Jade agreed (as of July 29, 2016, being the date of the amending agreement) that failure to receive the SAFE approval by September 30, 2016 would entitle Bankers to the US $20 million reverse termination fee should Bankers terminate the Arrangement Agreement due to such failure." The part " In exchange for this extension,Geo-Jade agreed..." says that Geo-Jade DOES want to proceed. To that extent so it agreed to include terms of Reverse Termination Fee in the Amended Agreement which to my understanding wasn't there before, in the original Agreement (otherwise why mention it in the NR?). My conclusion is that the delay has not much to do with "darn bureaucrats" but rather with Geo-Jade itself trying to bite more than it can swallow. In this situation Q2 results DO matter, a lot. Because in the undesirable case of the deal falling through the results will define the SP movement essentially. Hope we'll get our $2.20 eventually, but... do your own DD.