IMO we now have a 3 way poker game here with AZR the loser and...

IMO we now have a 3 way poker game here with AZR the loser and ARC and MGX winners.
If I remember forecast AZR annual production is 4mt/year = $4m royalty. To extinguish this and the ARC caveat I reckon will cost more in shares than 10% of AZR's capital therefore requiring shareholder approval which I think MGX may be able to block with its stake (75% or 50% vote in favour required?). MGX could therefore say it will approve issue of shares if AZR recommends MGX's offer. AZR getting shareholder approval will also take time and could delay shipping so AZR squeezed again. So with all the potential risks MGX has no need to raise its offer as it can block any white knight AZR might have wished to bring in.
IMO AZR has stuffed up not getting finance sorted earlier when there were such a clawback conditions in place. (is this the first time AZR has declared such conditions were in place with ARC?) and now means it has lost control of its own destiny.