Dan, the SID details an end date of six months from the date of...

Dan, the SID details an end date of six months from the date of the SID for the scheme to be effective. SID dated 6 March 2020 so End Date is 6 September 2020. Of course the parties can agree to extend if both are happy to do so.

My pick on what happens:

1. Both the Bidder and WestOz refuse to budge so the scheme is called off between 29 July (last date to change vote) and 31 July (date of scheme meetings);
2. ZEN share price drifts back to 80 cents
3. ZEN releases its annual results for the June 2020 year with EBIT at $31.5m (excluding scheme costs)
4. Apex and Management (without PEP) form a new bid vehicle and sign up a new SID at $1.15 to be effective before the end of calendar 2020.