It will be a no vote for me as a smaller holder - whether all...

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JoolSmuggla

449 Posts.

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04/09/23

19:37

Post #: 69727262
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Originally posted by jm3767: ↑

Not necessarily a done deal ......
note that it is NOT a Takeover proposal but a Scheme Of Arrangement, so the rules for shareholders approving a SOA come into effect viz

”For the scheme to be approved, a resolution in favour must be passed at the scheme meeting by each class of target shareholders by both:75% of the votes cast on the resolution; and more than 50% in number of the target shareholders voting on the resolution (in person or by proxy).”

Looking at last LTR Annual Report,
we see that there are a large Number of (retail?) shareholders who in total who hold a gsmall percentage of LTR.,
If just over 50% of these small holders think they have been ‘dudded’, its a no go irrespective of what the ‘big boys’, suits & BOD would like.
Go back a year or so, and a push by small shareholders came within a ‘cats whisker’ of blocking the SOA which saw Nearmap gobbled up by offshore private equity as what many longterm small shareholders considered a price at which ‘they were robbed of participating in the longterm rosy future’ of the company.
Same sentiment may well develop here if small holders consider LTR is worth longterm much more than $3, irrespective of opinion of BOD / mgt that $3 is ok (& who knows what cosy deal / ongoing positions that might get for themselves under the new owners).
For ALB $AUD3 is prob considered ‘a gift’ considering the current $AUD exchange rate.

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It will be a no vote for me as a smaller holder - whether all the smaller holder can rally against this, I haven't a clue.

LTR Price at posting: $2.85 Sentiment: Hold Disclosure: Held
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