I'm not sure MTC needed to mention shareholder approval on what they described as the first offer to emerge from the strategic process that attracted 12 companies to run the ruler over the project. The offer is non-binding and until there is something of substance, there is nothing for shareholders to approve or reject.
That may change with the next announcement as the company felt the need to mention it could take longer than the normal TH timeframe and a voluntary suspension is a possibility.
I expect a binding offer to be tabled now with the usual disclaimers from both sides, but ultimately it puts pressure on the other 11 tyre kickers to show their hands. If there is no other offers then we will vote on the current one, hopefully with details of any dividend from the sale clearly outlined. The company said they expect to return around 85% of any proceeds to shareholders, so that should warrant a bump in the sp when trading resumes imo.
MTC Price at posting:
22.0¢ Sentiment: None Disclosure: Held
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