The most likely outcome is:1. Skip vote no to the SoA and...

The most likely outcome is:

1. Skip vote no to the SoA and therefore it fails
2. J Power increase their shareholding to above 50% pursuant to the takeover offer
3. GNX remains listed but has a reformed J Power controlled board possibly with a Skip representative
4. Overtime J Power shareholding increases through on-market purchases, agreeing a higher price with Skip, and/or underwriting future capital raises.

If J Power were happy to have Skip as a 20% shareholder, they could have invited them into the bidding vehicle and then in all likelihood the SoA would have succeeded. Maybe J Power come back for a sweetened offer for the minorities (including Skip) once they have mopped up what they can at 27 cents?

So the next few months leave shareholders with a simple choice - sell out to J Power at 27 cents or stay in for the future ride. J Power will likely try and put the frighteners up those contemplating staying in by saying they will delist, etc. but so long as Skip hangs around as a minority they will act as a safeguard to others who turn down J Power (for now).