THADIUS, If a takeover attempt eventuated, GFA would obviously have a seat at the table, since their 20% means that no one else could reach the 90% compulsory acquisition threshold without GFA's acquiesence. That is totally about GFA ownership, their JV Agreement is binding on any third party who came to own CQT.
Would anyone launch a takeover if 90% was not in prospect? Remember Portman Mining? Despite a Board-agreed friendly deal, only 85% of the shares went for their initial $3.40 offer. 3 years later, Cliffs took out the minorities for $21.50. That would be painful for a would-be acquirer who won a Board endorsement!
I would expect that any 3rd party would seek a comprehesive agreement with GFA that encompassed both the shareholding and the JV Agreement.
CQT Price at posting:
40.5¢ Sentiment: None Disclosure: Held
