Ann: Bellamy's enters Scheme Implementation with Mengniu, page-219

The only other thing that might get taken into consideration is the franking credit; there's $12.65 + 0.60c on the table in cash, but that 60c comes with a franking credit - assuming like past dividends, it is 100% fully franked - that works as a tax refund/offset next June.

So in theory, it could bubble above $13.25 - even without a counter offer (but not by much, I concede)

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Someone asked about the timing:

Schedule 4 - Timetable
Event Date
Execution of this deed 15 September 2019
Bellamy's submits draft Scheme Booklet to ASIC 14 October 2019
Mengniu to execute Deed Poll 25 October 2019
First Court hearing for Scheme 29 October 2019
Bellamy's sends Scheme Booklet to Bellamy's Shareholders 1 November 2019
Scheme Meeting 4 December 2019
Second Court hearing for Scheme 6 December 2019
Effective Date 9 December 2019
Scheme Record Date 17 December 2019
Implementation Date 24 December 2019

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Someone else asked how this works in practice. I went through this with a company called Mitula $MUA just last year - a 20c/share arbitrage opportunity at the time - it was seamless. The shares were withdrawn from trading on the ASX, and the funds appeared in my transaction account within 24 hrs.