results of meeting, page-16

the whole thing was a circus. My tip is Portman will make an application to the court to have the meeting declared invalid (with some justifiable basis) but it won't ultimately change the outcome.

It will then force their hand one of three ways:
1. remain on the register as a passive holder - unlikely
2. make a bid for the company - more likely
3. dump the stock and walk away - unlikely given they need to secure further ore as their existing mine life is limited.

Option 2 brings us two further scenarios:
cash or scrip - given Cleveland are trying to mop up the remaining 20% or so of Portman that remains in the public's hands it's unlikely they would issue more so that leaves us with cash. So how do they determine fair value?
PWC valuation commissioned previously (with added value for subsequent events) or use FAS's argument that GWR is worth 7 FAS shares.

I certainly don't have the answers but would appreciate others comment.