Although ODN will not be able to obtain the remaining 6%, the take over could proceed.
It is just a matter of time, those holders of 6 per cent will give up. If ODN acquires 94 percent of gridComm, the remaining 6 per cent will not be able to cash out their holding since they only own gridcomm which is a private company. Other 94 per cent holders of gridcomm will be given 169 million ODN shares, a publicly listed company.
Legally, it should be no problem if the remaining 6 per cent holders of gridcomm do not want to sell. However, ODN management may want to get 100 per cent for the sake of completeness. I may be wrong.
ODN Price at posting:
1.4¢ Sentiment: Hold Disclosure: Held
