If they make anew offer after 12 months they need 90% and 75% of the available shares when they make that offer. So in effect more like 94%. Whatever deal they offer Kin would have to be extended to all remaining shareholders. Would take most of that pile of cash I guess.
. Kin believe if all 5 companies merged for a 600 000 oz per year company the market cap would be about 5 billion. They think a merger is inevitable but I doubt Genesis will be more than one of five partners if that happens.
Because of the 75% rule Kin/Delphi cannot hand DCN to Genesis, even if they were inclined to. What they have is a blocking stake. Delphi and St Barbara both own blocking stakes in Kin so taking over Kin is not an option.
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