I haven’t seen any indication on how Skip intends to vote, but agree unless they support the Scheme of Arrangement that it is dead in the water. No doubt J-Power has tried (and to date failed) to get Skip to agree to the 27.5 cos on offer. The back up takeover offer stands a good chance of getting to 50.1% acceptance without Skip, which would require Skip to be happy to stay in as a minority shareholder.
Another scenario is not beyond the realms of possibility, namely that Skip joins in with J-Power and that they can convince 75% of non J-Power and Skip shareholders to agree to the scheme which means they end up with 100% ownership between them. Once votes start rolling in and J-Power can read the tea leaves, expect the J-Power/Skip behind the scenes negotiations to begin in earnest. Skip probably holding out to maximise their bargaining position with J-Power.
GNX Price at posting:
27.0¢ Sentiment: Hold Disclosure: Held
