It's a good question - what do MIN do. MIN are out of the money but we all know MIN are acting with Gina. Will MIN vote against - I don't think so.
If they did vote against - with 13% and any other retailers, they will most likely have a blocking stake. Why, because SQM and Hancock can't vote, meaning their 13.56% is effectively 21.80%. Remember, you only need 75% to prevent a scheme. It's likely not all the register will vote. If 87% vote, then that effective interest increases to 25.05% and they would have a blocking stake by themselves.
That means it reverts to the off-market takeover offer at $3.65. At which point, SQM/Hancock will get Creasy's, Adelphi and Directors' shares, taking their interest to 60.78%. Not enough for a compulsory takeover but enough for control of the company.
Do MIN stick it out and fight for an interest - not too sure. We know they likely want mining services - so a head nod perhaps and they vote for, arguing that if they didn't they would lose $0.05.
I'm changing to sell unless you hold on longer for 12 month capital gains purposes. I see better options in other lithium stocks.
Interests % Vote in Scheme Effective Interest 1 SQM 19.42% No 2 Hancock 18.37% No 3 MIN 13.56% YES 21.80% 4 Creasy 12.84% YES 20.64% 5 Adelphi 10.15% YES 16.32% 6 Directors 2.10% YES 3.38% 7 8 Control in Takeover (SQM/HAN) 60.78%
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