I had to google it too.  It means either a takeover offer or...

I had to google it too.  It means either a takeover offer or 'scheme of arrangement'.  I am only guessing here but I would have thought they would have said takeover if that was what is happening.  Hoping someone can shed some light on this, but I'm guessing that a substantial holder (eg. Pan) or two are taking the company private while it is cheap.

Timing could just be coincidence but I reckon doing this in Christmas week suggests that they want to keep this under the radar while all the lawyers are on holiday.  Hope there are a few shareholders with legal experience who can watch this one to keep the directors honest.

Alternatively, it could be the PNG government exercising their right to acquire 30% of Frieda (if my info is up to date).

This is all guesswork.  I am a private shareholder and only know what I read in the announcements, analysts reports and media which means I don't know anything!

Not impressed at the timing.