"I think that once the Chinese have 90% it is a compulsory"
Yes, that's right Harlee. A bidder who buys more than 90% of a company can compel the remaining shareholders to sell. Also, in Sect-16 of the offer document CGNPC say they will delist & privatize KAH if they have 75% shareholder approval after they buy everybody out.
Only pledges to sell shares have been made at this point. We can expect all KAH holders to exchange their shares for cash quickly. Then EXT holders will receive the downstream offer.
We can expect the same sort of offer doc for Extract at $8.65. As RIO and Itochu are in with CGNPC there is nothing anyone can do about it other than call it a done deal and say bye bye Extract.
EXT Price at posting:
$8.57 Sentiment: Hold Disclosure: Held
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