Ann: Termination of TLEA Scheme implementation agreement, page-40

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21/04/23

11:05

Post #: 67392505
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Originally posted by SpikeCanonBooks: ↑

It's a bit disappointing to see yourself and others interpreting TLEA terminating the scheme implementation agreement as them "running away".

Respectfully I completely disagree.

From the moment MIN acquired a 20% stake everybody knew the scheme vote was not going to go through. Why? Because MIN effectively had enough votes to block it.

So from that moment, a TLEA scheme of arrangement was no longer viable.

From the day MIN acquired 20% everybody knew the vote wasn't going through, but they also should have known that the scheme implementation agreement would be terminated. Because a scheme structure was no longer viable for TLEA.

The termination of this agreement is not news, just like the vote failing yesterday was not news. Both were guaranteed the second MIN got themselves 20%.

I am not saying it's guaranteed that TLEA will still come back with a takeover offer. Of course we can't know that for sure.

What I am saying is that nothing has changed since MIN got its 20% stake. TLEA are just as likely to make another offer today as they always have been, because a takeover offer was always their only choice after MIN got its 20%.

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Hi Spike, agreed, likely both parties (TLEA and ESS) knew the scheme arrangement was doomed but both had to go thru the motions to avoid unnecessary paying of break fee.

ESS Price at posting: 47.0¢ Sentiment: None Disclosure: Held
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Ann: Termination of TLEA Scheme implementation agreement, page-40

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