Wombat - use the Grey spectrum, we are definitely in shadow...

Wombat - use the Grey spectrum, we are definitely in shadow territory now

I've stayed quiet during this process as I believe we will get to 90%, but I've thought about the following possibility if we don't get to 90%.

If MEP remains a listed company due to ADN not gaining 90% to force completion of the takeover, then they remain the 25% owner of the Great White deposit (and 50% owner of Natural Nanotech). With ADN now controlling the MEP board, they could declare a "Decision to Mine" (not sure if a DFS / BFS is required to make this declaration). At this point MEP would be required to stump up 25% of all required CAPEX.

Let's say that the CAPEX MEP is required to provide is $8 million (not unreasonable given the $45 million ADN raised last year). Since ADN controls the board and 89.5% of the company (as of today), they could issue a Share Purchase Plan (i.e. only involving existing shareholders) at full value (i.e. not at a discount which normally happens) - maybe even at a premium. Under these conditions will the 10.5% non-ADN MEP shareholders stump up anything for the SPP? If only a few of those 10.5% non-ADN shareholders fail to chip in, then ADN acquires enough MEP shares to go over 90% - and allow compulsory acquisition to occur.