If I read this correctly "Paladin acquiring a relevant interest in more than 90% of all Summit shares on issue, and at least 75% of the Summit shares that Paladin is offering to acquire under the Offer;" then we are screwed merely by the intention the two biggest share holders are accepting the deal.
I thought that the 75% clause related to the amount of shareholders accepting the deal not the percentage of shares.
Might put a call into the Takeovers Panel to verify.
SMM Price at posting:
20.0¢ Sentiment: Hold Disclosure: Held
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