Hi Bluegoose, refer post by 2ic, there is no 90% threshold. They...

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Names little

19,352 Posts.

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22/03/23

11:39

Post #: 66896690
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Originally posted by Bluegoose: ↑

So we are about 3 weeks away from when votes must be lodged.

If any alternative bidder was to emerge, you would think it would happen in the next week, or 2 weeks maximum?.

I can't imagine an alternative bidder would want too many people to vote prior to launching their bid, and let it go down to the wire??.

If anyone also knows or has been through a similar thing, what the process is (assuming no other bidder) once the votes are cast and assuming they are well short of the 90%, what the usual process is?.

I presume it is at that stage IGO will ether need to walk away, or negotiate with large holders and sweeten their bid.

Unless Odey have sold down further, they still retain about 8% of ESS shares so can single handedly break the deal - and possibly could be the swing vote to make the deal also. I guess this is their plan and when they will "go to work" and insist IGO increase their bid. Odey are likely preparing their strategy and their own valuation of ESS as we speak - and ready to get the media involved when the time is right to kick up a stink about the undervalued big from IGO.

As Odey have experience in negotiating with IGO on previous Takeovers, this will be very valuable to us holders, and Odey are our biggest asset.

In fact, thank god they decided to jump on the register and try to extract better value for holders than Tim and his mates on the board.

So, across multiples entities, I'm still going to vote NO as 50 cents does not reflect reasonable value for the asset, and IGO have been very opportunistic with their bid - and they know it!!.

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Hi Bluegoose, refer post by 2ic, there is no 90% threshold. They only require 75% of votes cast plus a majority of voters. If they achieve that then it will be binding on everyone.

Last edited by Names little: 22/03/23

ESS Price at posting: 48.5¢ Sentiment: None Disclosure: Held
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Hi Bluegoose, refer post by 2ic, there is no 90% threshold. They...

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