This drama is getting too good. AFR is very good source on all the drama and insight. AFR article prompted me to back to the scheme document and re-read the fiduciary duty clause within it.
Read the scheme 11.8.(f). Note: "perpetual major transaction" is effectively someone acquiring 20% or more shares or other economic interest in PPT.
Also see scheme 13.4
The reimbursement fee is $23m, the liquidated damages amount if also $23m. But because these are a genuine pre-estimate of the costs, the final amount can exceed this amount. This drama is built for lawyers to sort out in court. Fortunately for PDL it is in an advantageous position being not the party looking to get out of the contract. PPT... what a mess.
GLTA, DYOR
This drama is getting too good. AFR is very good source on all...
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