Shaslik is correct re schemes of arrangement (75% of vote cast; in many cases the numbers voting are well under 100% so a SOA can often be blocked with less than 25% against).
90% is the threshold to be able to proceed to compulsory acquisition.
In contrast, a bidder can make an unconditional cash offer on market for 100% of the shares. It would have to buy all shares offered on market at the bid price. It is up to holders whether to sell into such an offer. A bidder might be happy to obtain say only 51% of the shares and thereby get practical control of the business, although a holder like AA with 25% could block the few matters that require special resolutions of shareholders. Some bidders might not be concerned with such a standoff, but I believe the main problem in having under 100% is that the bidder would not be able to get access to the target’s cash flow/ pay cash upstream to reduce acquisition debt etc., if any. Not having 100% would also prevent transfer of tax losses, but as HUM is profitable that might not worry a bidder. Thus in some scenarios a cashed up bidder might be content to make a low ball bid betting on the likelihood that he would end up with only say 51% of the shares, and might be happy with that result.
DYOR. The above is hypothetical, not specific insight into HUM
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Last
48.5¢ |
Change
0.010(2.11%) |
Mkt cap ! $238.3M |
Open | High | Low | Value | Volume |
47.0¢ | 49.0¢ | 47.0¢ | $114.0K | 238.4K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 4000 | 48.0¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
48.5¢ | 2682 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 4000 | 0.480 |
1 | 2105 | 0.475 |
1 | 46000 | 0.470 |
1 | 10000 | 0.440 |
2 | 15109 | 0.430 |
Price($) | Vol. | No. |
---|---|---|
0.485 | 2682 | 1 |
0.490 | 28444 | 1 |
0.495 | 20000 | 1 |
0.500 | 12115 | 7 |
0.505 | 8000 | 1 |
Last trade - 16.10pm 09/08/2024 (20 minute delay) ? |
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HUM (ASX) Chart |