As you say - if GE (via a share swap or purchase) control SLX they can change the royalty/stage payments to whatever they like to boost GLE profits - this would of course by highly desirable for NewCo and Cameco and would no doubt receive their support (luckily NewCo and Cameco do not have shares in SLX to my knowledge). There are safeguards in the Corporations Act and the SLX constitution to stop this and it is unlikely that GE (et al) could do this without 76% of SLX. By getting up to 90% of SLX GE (et al) could enforce compulsory acquisition of our shares by diluting us to next to nothing (i.e they set the price via their board) and giving us little for our shares. IMO this is an unlikely right now; but I have been a victim with other companies. The important issue is to avoid debt which is secured by the company assets; if the company cannoot pay its interest or repay the loan on demand the debtor owns the company and usually does a debt for equity swap that "kills" existing shareholders.
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As you say - if GE (via a share swap or purchase) control SLX...
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