Good point fuzzie,
imho the way Beppas turned into PIHs doesn't fit the fine print of the tax clause you refer to, BUT, if BIP does not get enough acceptances to the current merger offer AND the takeover option is triggered AND they get enough acceptances to that for the 94% compulsory acquisition clause to take effect THEN the few Australian holders who hold out by constantly voting NO just might be able to take advantage of that tax clause for this chapter of the Pie fight, as all conditions would appear to have been met.
I doubt all that will happen as I am thinking that a lot of BAM's followers will ultimately accept the offer for BIPs and that would keep Brookfield's % ownership below the 94% mark.
If the NO vote succeeds, and the take over provision is triggered, you can bet that BAM's followers will accept and that will put Brookfields holding close to 90%, The ex Beppas accounted for 16% of PIH and some of those have departed.
In my estimation, Brookfield brought about a hundred maximum friends and followers with them last November, as ambertine pointed out, 334 holders own 95% of the co. so in my view there are only a few hundred votes swinging the direction.
What would happen to PIH price if Brookfield got to, say 88%, how long before 94% is triggered ?
The danger of voting NO and the merger coming unstuck remains that PIH stays unloved on the ASX and has issues with financing DBCT duplication, and BAM keeps on with the balance of DBCT purchase clause and vic versa. Maybe a cap raising to fund DBCT duplication and then BAM take it all over anyway, Long shot.
The other side of the coin in that scenario is that PIH starts to become loved on the ASX for it's ability to learn to walk again, (note that is just short of standing on its own two feet lol). THAT is a real long shot but I suspect it was Jeff Kendrew's position and one reason why he was moved to "Special Projects". He made a speech just before his "relocation" that contained similar views, I could hardly believe my eyes. Whether it was fed or abetted to him by BAM is another question.
I would love to be corrected on any of the above, especially the non Jeff parts. The Jeff Kendrew part might be only partly correct and there are probably other reasons apart from the overall balance of opinion on the board that led to his departure.
ifandwhen
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