Ann: Receipt of Non-Binding Indicative Proposal, page-69

Thinking further, regardless of how structured, as Skip/Stonepeak would be retaining ownership of the 19.9% (either directly or indirectly) whereas every other shareholder have to take cash, then Skip/Stonepeak would be treated as a seperate class of holder and couldn’t participate in the main shareholder vote.

The second approval requirement that requires a majority of shareholders voting to approve the scheme does provide retail shareholders with a bit of power. Social media (including HC) does provide a great forum to rally the troops and promote opposition to schemes.

Will be interesting to see J-Powers stance (with their 8%?) although Skip/Stonepeak could always invite them into the consortium to remove their no votes from the main shareholder class. Depending on how the numbers fall, other large ‘No’ voting shareholders could also effectively force their way into the consortium as a means of buying them off.