review Panel throws ERA minorities under RIO bus

review Panel throws ERA minorities under RIO bus

Despite the Takeover panel (and Review Panel) calling unacceptable circumstances, - including that -

“as far as practicable, the holders of the ordinary shares in ERA, other than Rio Tinto, do not have a reasonable and equal opportunity to participate in benefits ultimately accruing to Rio Tinto through the entitlement offer and the underwriting agreement”

The Takeover Review Panel has not prevented RIO from compulsorily acquiring ERA shares should RIO get over 90% as a result of the suffocatingly large 6.13:1 entitlement issue.

In fact the Review panel has removed Original orders from Takeover Panel announcement Wednesday, 11 December 2019:

(a)(in effect) Rio Tinto cannot compulsorily acquire shares in ERA as a consequence of the entitlement offer without shareholder approval

Which would have at least prevented RIO from making a compulsory takeover for a period of six months without shareholder approval.

Game Set and Match RIO unless Zentree come up with enough cash to exercise entitlements to prevent RIO going to 90%.

Tennis elbow minorities.