great work Tony, page-6

Agree on the sentiment around Tony and the other independents.

Ata really stuffed this up from the start, they thought it would be a breeze because they had Shammy in their pocket and they had 2 major shareholders supporting them.

Problem was too many conditions, too small a price and they also went with an SOA.

Interesting that the Afrimat offer doesn't state the method of takeover that they will be looking at. Could it be an off market takeover? In that way, they could buy out holdings in either on of the 2 major holders regardless of what else happened. IMO at 40c they won't get full approval for a full takeover but they may end up with a major holding in UNV. If they can buy both shareholders that want out (both will accept, they were happy with 35c so should be stoked with the 2c divi and 40c) then they can either be happy with that, or at a later date purchase the rest but for higher consideration, essentially lowering the overall purchase price.

For example, if say both shareholders sell their holdings 56.5% at 40c, they can buy for about $120m. If say the remaining holders would sell in 6-9 months (I think they need to wait 6 months after a failed bid) for 60c / share then they buy the rest for about $140m. If they were to bid 60c now then they buy the whole company for $320m, which costs another $60m.

We could find ourselves in a situation like that as we do have 2 very large happy sellers. Ata couldn't proceed like that due to the SOA, Afrimat potentially could if they go ahead with an off market takeover. Its feasible they could formalise their offer at 40c, the BOD reject it and advise holders to do nothing, but Ichor and CDI could accept anyway. Miniming acceptance for delisting is 75% so in this case nothing changes for all other holders.