I'm not too sure shareholders will be happy with it though.
Giving away control of the company when all explorers are absolutely rooted doesn't necessarily seem like a great idea.
Exemption 7 under s 611 of the Corporations Act (http://www5.austlii.edu.au/au/legis/cth/consol_act/ca2001172/s611.html) is referred to in the announcement today. An independent expert report will be prepared for the purpose of the meeting/transaction.
This is the relevant exception:
New South Resource and MAG will not longer have the ability to block special resolutions with their combined holdings either.
Will have to ponder the transaction... Don't hate it because it provides money for exploration, but don't love it because who are these people who are going to have control over the company?
I'm not too sure shareholders will be happy with it...
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