I have recently been a holder in a stock which was taken over by...

I have recently been a holder in a stock which was taken over by a Scheme of Arrangement (SOA). The SOA's were originally designed to liquidate companies that were going into receivership, but they are increasingly being used to takeover companies off market which halts the price action rather than letting the price gain upward momentum from an on market hostile takeover.

I am hoping the scoping study comes out very strong and the Independent Expert (IE) finds that 50c undervalues the company and that the SOA is not in the best interest of shareholders. The IE will likely give a low, middle and high valuation for the company as a share price. This should either free ESS from the SOA (if 50c is below the lower price range determined by the IE) or the bidder should have to increase their price in line with the IE's price range.

It is just a shame the Board was not more proactive and had not signed an offtake agreement, we would be sitting above 50c just from that action.

I was also invested in ESS for the Nickel, this is such a short-sighted transaction in my opinion.