New World Resources (NWC AU): Yes, The Board Is Frustrating Kinterra's Bid

• Suitors Central Asia Metals (CAML LN) and Kinterra Capital are locked at A$0.062/share bids apiece for copper play New World Resources (NWC AU).

• Kinterra has tapped the Takeovers Panel after NWC failed to terminate the CAML placement "despite the relevant condition for the termination of that agreement having been satisfied".

• Kinterra's application has merit. Expect the Panel to make orders preventing the placement. Kinterra currently holds 19.3% of shares out and CAML 12.08%.

NWC is illiquid - although volume has been picking up of late. Look away now if this is not your thing.

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• Central Asia Metals (CAML LN)'s initial A$0.05/share Offer, by way of a Scheme was announced on the 21st May.

• I have followed with five insights as Kinterra entered the fray.

• ASX links are embedded in each section.

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The Trade:

• Trading through terms at A$0.064/share (as I type).

• This stoush has not completely played out.

• If illiquid arbs are your bent, get in around here and on weakness. Don't chase it.