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Ann: Board Appointment & Sales Incentive, page-113

  1. 503 Posts.
    lightbulb Created with Sketch. 545
    Hash, I'm thinking of something.

    We are taking for granted that the bonus will have to be substracted from the share price. But is it a sure thing ?

    From what I read, if the bidder pays a bonus, it doesnt affect the share price.
    You have the share price on one side and the bonus on another side.
    The bonus is settled between the bidder and the BoD, and shareholders could even not know about it.

    When they will announce a price when presenting the scheme of arrangement to shareholders, this price will be free of any substraction because it will be used for the calculation of the bonus.
    IMO, the bonus will be paid later, if shareholders agree with the scheme.

    So the share price will be what the shareholders will get.
    There is no way for the BoD to tell shareholders that the bidder agreed to pay 100 and then pays shareholders "100 minus the bonus".
    The bidder will pay shareholders, not the BoD.

    A substraction will take place on the global price paid by the bidder, because we will not receive our part of the bonus.
    But the price announced will be the price we will be paid. IMO


    PS - Integrity risk everywhere ! We certainly need van den Hoek to bring confidence and avoid any "accident" in this period fraught with risk.





 
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