If "The Scheme" vote is carried by 75% in favour on 8th December then shareholders lose their company for a measly $16.95 a share to a Government controlled company, Yanzhou coal (through there 100% owned subsidiary Austar coal mine).
Voting online is until Friday 4th December and at the Felix Resources "The Scheme" meeting on Tuesday 8th December.
For those due to pay capital gains tax then the $16.95 crumbles further.
Those of us who desperatly want this vote to fail are hoping that the former White Mining shareholders, some of whom have resigned from Felix Resources, will block this inadequate offer. The other alternatives are that Xstrata or BHP Billiton become white nights and counter bid. The other alternative is that Deloitte revalue Felix Resources in light of the forgotten assets of Way Linggo gold royalties and Hawks Nest iron ore royalties. The prospect remains that PT Krakatau Steel will sue Felix Resources over their 5% ownership of S.A.S.E.
FLX Price at posting:
$16.83 Sentiment: ST Buy Disclosure: Held
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