Class Action? - > No not me, although I don't mind fighting the intended scheme if it's not a good deal.
The deed indicates the directors intend to do a Scheme of Implementation where shareholders will have a vote. For the Scheme to go ahead there are 2 arms of the vote that must both pass.
1. A simple majority of shares voted. ie 50+% 2. A simply majority of shareholders voting. ie. 50% of shareholders must vote for the scheme. (this arm protects smaller shareholders if they are against the scheme)
If both arms are satisfied then all the shares are compulsorily acquired at the scheme price.
There is normally an independent report to shareholders but it is commissioned by the company/BOD so I don't really see how it is independent in reality.
In the end it is up to shareholders as to whether the scheme goes ahead or not on a democratic basis. Scheme's rarely do not go ahead but if they can be voted down if the shareholder base is engaged and informed.
Class Actions are a waste of time and money in my opinion.
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