While you and I are happy to reject 23 cents with a view on the...

While you and I are happy to reject 23 cents with a view on the larger prize, other shareholders and insto’s may be happy to take the cash on offer. Insto’s are often motivated by mangers performance fees and their perspectives on the relative upside of alternative investments they can make with the proceeds.

Skip/Stonepeak will have a well set out narrative on the risks of GNX shareholders remaining invested, with plenty of smoke around future capital requirements for additional projects that will dilute any non-participating shareholders or require them to come up with more cash. Also, you’ll see cover of risks with the pumped hydro project that haven’t surfaced before. Long term investors will see through the spin, but there are many who will get sucked in and take the opportunity to bank some cash and move on.

I’d be surprised if directors sign up at 23 cents but I’m not so sure they will reject 26 cents. As you point out, shareholders do have the final say.