I cannot for the life of me find it but it might have been...

I cannot for the life of me find it but it might have been something to do with proportional take-overs that was in the back of my mind, however I did remind myself of something else that shareholders might find useful.

If TIO pursue a Scheme of Arrangement they will have to engage OCJ to get a pre-bid arrangement of acceptance as OCJ alone could sink an SOA offer. With Todd now holding over 25% and OCJ with a fraction under 20% the adjusted control of votes for OCJ increases to at least 26.67% in the event of an SOA, so TIO must get OCJ on side before a SOA would be successful.

In the event of an SOA forthcoming it is a rather nice shareholder golden parachute to have unless you are TIO. So the question then would be what price per share would OCJ accept if a Scheme of Arrangement was pursued by TIO.