Good point about J-Power, Kurt. As they provide the operational expertise for hydropower and are integrated into the board as well as operations through contracts, they would be protected under the takeover process in my personal opinion. My expectation is that Skip would negotiate directly with J-Power to keep their shares and board positions even if Skip took the company private. So they may not block the takeover - indeed, they could see this as a step in the right direction if Skip played their cards right. No doubt these conversations have already been had.
With regards to Management, you are right that Simon had personal reasons for selling his shares. Though on the one hand he was talking about selling his shares because of a mortgage and small trading window, on the other hand it was times just before the Bauldercombe battery / cap raise.
What I would say is they have a lot more performance rights on the table, and at prices far higher than they are currently. Some of those have expired because they are not hitting their targets, but there is still $6m on the table for 2023 and 2024 if they perform. No doubt, they too would be looking to cut a deal with Skip for positions or maintaining their performance rights, but Skip would probably be seeking their own team in place.
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