i have a position in NQM but not HSK.while HSK could reduce or...

i have a position in NQM but not HSK.

while HSK could reduce or abandon its 90% condition, this would mean that all the benefits flowing from a consolidation of the ownership of Pajingo would fall away, as both NQM and HSK conitnue to exist with independent shareholders. The significance of this is that the recommendations of the HSK bid by NQM Board around consolidation of Pajingo are no longer relevant.

As CQT's bid is superior to HSK's in money terms, HSK is not likely to get anywhere near to 50% so it must either abandon its bid or make it significantly more attractive.

CQT's bid is unconditional so the bid cannot "fail" however CQT must have an objective of control. Given the bid is unconditional CQT will definitely own the NQM shares of accepting shareholders, so will at the very least end up as NQM's major shareholder - it can't not take the shares that are accepted under its unconditional bid. where that leads NQM is anyone's guess.