"The Metgasco board could only agree to a deal if at least 50 per cent of Metgasco's diverse share registry supported it. A pocket of its 5000 shareholders have threatened to roll the board if it agreed to fold the business. "
If a decent settlement is reached that requires shareholder approval, hedge funds will come aboard (if the share price is sitting at <10c, and the payout is 20c) and virtually guarantee a pass on the shareholder approval. I don't know what the logistics are, but it might be even cheaper for the government to build up a state in MEL before doing a T/O conditional on 90% acceptance.
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