80% acquisition of SMM by PDn meant that Aussie share holders did not have to pay capital gain tax (CGT) on the shares when we agreed to PDNs offer. For Aus shareholders it means a lot of NO tax to pay now. We pay when we sell our shares.
If PDN could have gotten 90% of SMM shares (not possible without AREVA as they hold 10.5% of SMM) PDn then could have aquired your shares automatically under australian company law.
So, as such, you now have shares in an extremely illiquid company. I would suggest somewhere near 45 M shares (someone correct me if I am way out) of which Areva holds more than half of.
I hope that helps. If you have more queries - google is great for company law. Try http://www.austlii.edu.au/databases.html.
SMM Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
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