A 3rd party deal..., page-33

I gave my context. I could have explained it more clearly.

Fact is that, in the generic sense that you had portrayed, OCJ do not have a blocking stake. They can't stop Todd doing anything except for the very specific instance of forcing OCJ to sell to them. That's of no value to any other shareholder - unless all shareholders resist. TIO won't be troubled if they end up with a 20% partner in a private company since they'll be getting everything done that they want. They'll then be able to dilute OCJ out if they don't want to participate or buy them out for an attractive return to OCJ or just be happy with maintaining their own rate of return as OCJ meet their share of expenditure.

So with OCJ's position of no value to the other shareholders if they aren't working in concert, I'm led to return to the subject of this thread. That is "A 3rd Party Deal...". It appears that management were indeed not to be trusted at their word on this front based on their recommendation today.