You become a minority shareholder with no control.I know enough...

You become a minority shareholder with no control.

I know enough people who have been hoarding MXR shares at it still a cheaper proxy to AAR that I am fairly confident that this gets over the line. They are about 5-6m shares away from that happening and the deal closing.

That aside CP owns 11% that haven't been committed yet and BCN own some too. I think they will sign these over at the end of the period if a better exit doesn't present itself.

So let's say AAR end up at like 70%.

What does the forward plan look like for MXR then (noting AAR) control the board. Well MXR assets needs to be progressed, drilled out, studies completed etc. So AAR board goes lets raise $5m as a rights issue. They put in their dollars and then its up to holders whether they do or not. Will all the disgruntled holders want to stump fresh dollars into this to advance AAR's wishes? Maybe not. Then AAR can just take up shortfall and creep their ownership upwards and so on and so forth.

There is no real benefit in being a minority shareholder. You're still controlled by AAR but you don't get the full benefits of synergies