Wyloo have a purchase option on the remaining Newmont shares at 7.2p which is valid up until the 4th December 2028 and a first right of refusal over the same shares should Newmont wish to sell them - so in theory Newmont are completely out as there is no way Wyloo are not exercising than option, so I wouldn't worry too much about any additional shares getting sold into the open market.
I think this was always set up this way to make 50% of the consideration shares available on the ASX listing to provide some liquidity without diluting big holders like Wyloo and Firetrail too much - very clever by both NEM & GGP. Wyloo can now move up towards 20% whenever they want by taking those option shares at £1.44 (7.2p pre consolidation) whenever they want - usually options like this are left until they are about to expire, but they could in theory provide Wyloo with a blocking stake should some company decide they liked the cut of GGP's jib.
Time will tell the story here but it has been set up very carefully and it will be very interesting to see what corporate moves will be coming next as undoubtedly the BOD will not be resting on their laurels too much.
ATB - Paddy
GGP Price at posting:
$7.30 Sentiment: Buy Disclosure: Held
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