Are Shareholders Being Screwed?, page-10

Certainly not a bad sign although the gate is left ajar in that they state that they are continuing engagement with the bidder and will update holders later on the progress of the scheme booklet. The announcement read pretty much that it is business as usual and performing to budget. That is a reasonably comforting statement in the current climate. @Investalittle has located the specific definition of "material adverse event" within the context of the document and it refers to specific reductions in PNC performance. This announcement IMO indicates that those figures currently do not apply if it states it is performing in accordance with the desired budget.