In June 2009, at the beginning of the boardroom tussle, the company’s share price was at 9 cents. To raise his stake past 30 per cent, where he would be able to trigger a general takeover offer of AWT under the Code of Mergers and Takeovers, Venkataramana purchased shares in the open market. On news of a possible takeover, AWT’s share hit a fivemonth high of 12.5 cents and a total of 1.25 million shares were traded on 22 July 200917. While the peak in August and September 2009 could be due to Venkataramana’s continuous purchase of shares, it might also be attributable to investors’ rising confidence in the firm and the possibility of a takeover by EGN. In addition, the Group announced in late August a loan of RMB158 million obtained from the Industrial and Commercial Bank of China and Chinese Bohai Bank18. With additional working capital for its projects, it was good news for the market.
However, AWT’s shares were suspended for trading on 8 September 2009, with its last traded price at 20 cents. The company went into receivership in the same month.