It won't be a shell though, right? It will still be an EOX...

It won't be a shell though, right? It will still be an EOX holding company. Just on the numbers, if P&L get 30% bought out (940m shares currently minus 313,000 buy-outs), then there will be about 627m shares left. A $2m placement @ 1.4c adds 142m shares, so 770m shares on the register. I would think it unlikely that Ochre sells. In these cases of partial buy-outs, a lot of major players stay, because their ownership increases. Ochre currently owns 155,650,000 shares, with a % ownership of EMR of 16.49%. With 770m shares on offer, that moves to 20.2%. It doesn't seem like much difference, but it increases wealth due to the EOX holding, - even if the share price falls, if that makes sense. It might make sense for OGH to even buy more now, up to 19.9% before the proportional takeover comes through (except OGH have no money until their placement comes through), because to do so now, and to hold on to their shares in EMR, would mean more value and control later.