Management and Value Creation. More to come?, page-13

Only one scenario bothers me scott and I've repeated its mechanics often enough, it hasn't changed . An unconventional TO is one where there is no bid, instead there is a steady erosion of share holder equity in favour of a predator. It is unpleasant, unpalatable and perfectly legal. The springboard is an acquisition of a stake in the company that exceeds the TO full bid thresh hold, which IMC is about to do (I'm not saying they are bent on a TO). I understand that my scenario sounds very negative compared with management's positive view of IMC's 'investment' in the company. I want to keep the scenario in the discussion because it has the potential to accelerate value destruction and i believe it brings a high enough level of risk for holders to consider a no vote. As i have stated before I do not believe that a no vote will mean insolvency, both IMC and management have far too much at stake to let that happen. A loan would not require a SH meeting and that's what i believe will go ahead if the vote is no, without the accompanying unfair transfer of equity.