institution investors, page-6

I wonder who "we" is. The AZX register is pretty retail dominated, management only have 12% and the rest is institutions who as far as I know support the merger (about 40% of the register). If the institutions vote for it (and I cant imagine why they wouldnt) then it is a done deal as GGG will have over 50% of the stock and will then start to exercise voting control on the board and use the creep provisions to take the company over. In terms of what the logical thing to do from here is, probably wait and see as to what the market does but given the stock isnt moving there is not going to be a competing party for 50% of an asset and AZX cant do this on its own. The boards have to talk it through, get ego out of the way and find a quick solution or they will be getting serious pressure from their institutional shareholders.

Black Swan are a good firm, have had some excellent ideas from them this last two years.