The 75% refers to that portion of the shares that TVG go not already hold.
They hold 67%. So, the 75% relates to the 33% minorities. Trouble is, in getting to 75%, they will go to almost 92% (above the 90% compulsory acquisition threshold). This suggests that they intend doing nothing regarding the 90% threshold position until after they have received acceptances taking their position to 92%.
In advancing their offer, they highlight the risk of dilution through the $5M capital raising (announced, but not due until late Q3 /early Q4). Dilution is perceptive rather than reality here, as TVG itself would need to take up 2/3s of the funding commitment to avoid its own dilution.
Crafty approach? Yes. Slick? Yes. Unexpected? No. Underhanded? No. Unethical? No. Concerned for small shareholders /the open float? No. Chances of a superior offer? Nil.
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