I think TimeFerris has answered the question for you, but just to re-iterate.
If TPT don't get 90% by the 18th, they can either waive that condition or not waive it. Failure to achieve the 90% may be ok to them, but if they don't want the takeover, they can allow the offer to lapse and therefore you will get your JKA shares back. If TPT decide to take the minority stake, then they will have your shares and you will get your TPT shares.
One of the other conditions is if JKA's share structure changes, but not about asset structure, so if JKA decide to deal with short term cash requirements by say selling 5% of Bargou and this goes through and is accepted by the Tunisian government then TPT will just have to eat this change, but if they bring back the convertible loan note and draw it down, then TPT can still go ahead with the takeover, they will just have to waive this condition.
The other one that may scupper the deal is government approvals for change of ownership, but in my opinion I see no reason why governments will reject it BUT they may not get the approvals by the 18th.
All of the above are at the discretion of TPT.
My opinion is, whether the new directors are pro or against the takeover, anything less than 50% and they will allow the issue to lapse, anything above, who knows what they will do.
JKA Price at posting:
8.3¢ Sentiment: None Disclosure: Held
