correct me if I am wrong, the vote requires 50%+ of holders and 75%+ of scrip.
It is not the "merger" vote that is the biggest question to me, it is the meeting the take over conditions and with the SP hovering 10c below offer price and half of the available trading stock having changed hands in the last 10 days, there appears to be a confirmation that at least a merger will proceed. It is the take over I am concerned about as I would prefer to be a long term holder.
How many "friends" with how many holder votes did BAM bring with them ? (count on one hand or two? ) who, along with BAM, are holding ~80% of PIH scrip.
ex- Beppas became 16% of PIH from memory, the 4% balance were other conversions and new scrip holders.
"but I don't recall the requirement for > 50% of BEEPA "shareholders" - only the 75% "for" required."
Blues, something is flawed if you came to the conclusion from my post that 50% of ex-Beppa holders is an acceptance condition. !
The numbers may require it but the vote conditions do not. As far as numbers go I mentioned it is even less likely now as in my estimation, up to 50% of ex-Beppa PIH holders are no longer present holders as indicated by the trading volumes over the past 10 months and more recently.
Allegiances and dreams have changed remarkably from Nov 09, and probably because the SP has been subdued compared with the $5.08 PIH entry price. emc2 might have a view on who has been organising that aspect, but I think the subdued SP has not fazed BAM, but it has probably concerned their friends who would like the stock taken to the Toronto and nyse exchanges and a merger OR takeover would achieve that and more.
There are a few positive aspects to this move and I included some of the ones I see in my first post after the ann. It includes the borrowing and construction costs of a second DBCT on top of present debt and the SP as a result.
I would like to hear some other views each way also and I am a little surprised this thread has been so quiet on the subject.
ifandwhen
PIH Price at posting:
$4.50 Sentiment: Hold Disclosure: Held
