Ann: Redstone Notice Declaring Offer Free of Defeating Conditions, page-252

DYOR:

The IO price has been moving up rapidly in the last few days, but there is a cyclical recurrence of rising IO price in July 2017 (see graph below). Also, there have been higher lows and higher highs in the cycle.

If the IO price moves above the AGO break-even and incorporating DSO (Li + Mn) profits, AGO is not a loss making unit.
Let's see what happens to IO price this/next week, it would be interesting if IO price keeps going up.

With HPPL(56%)/FMG(20%) can't sell AGO assets to themselves as the transactions are not "at arms length" and both HPPL/FMG won't be able to vote on the issue as it is a “conflict of interest”.

Extract from "Bidder's Statement - 2nd Supplement":
(e) Redstone's ability, therefore, to achieve some of its intentions, including the potential integration of Atlas' business and mining assets into the HPPL Group's operations, might not be able to be realised, either at all or without the approval of Atlas Shareholders in general meeting. For example, to the extent that Redstone has a relevant interest in more than 50% but less than 100% of Atlas Shares and a transaction is proposed between Redstone (or other HPPL Group entities) and Atlas, then because Redstone (or that other HPPL Group entity) will be a "related party" of Atlas at that time, the transaction may be required to be subject to the prior approval of Atlas Shareholders in general meeting (with Redstone and its associates precluded from voting on the relevant resolution, and other regulatory requirements to be complied with).

Any resolutions which are "related party" would need the approval of FMG mainly as they will be the new majority holder with voting rights, interesting the Twiggy will be holding all the cards.

So in the end say HPPL at 60%, FMG at 20% and the Others 20%, the group is limited by how much HPPL can change AGO unless they add value to AGO through synergies, cost savings and JV.

At this point in time, happy to be part of HPPL at 60%, FMG at 20% and the Others 20%, and happy to be part of the Twiggy team.