This is a scheme of arrangement. Needs 75% of votes cast to vote yes. It is by no means a done deal, hence the phone calls and now a roadshow.
The ORE / GXY went ahead because the SP's were on a roll. A tide lifts all boats everyone was happy.
Today SP is lower than that merger of 27 months ago, and they want GXY holders to enter into another merger???
It should also be noted that 50% of holders are required to vote. One holding no matter how large say 50m is one holding voted. Same as some one with 50k and same as someone with 5k.
From personal experience, retail shareholders can send a strong signal.
I recently stood as a Director under a 249d EGM called. We never expected to win but wanted to send a strong signal to not mess with shareholders.
We gained 38% of the vote. That would have killed any scheme of arrangement the company wanted to put to holders.
Do not under estimate retail holders ability to make things happy.
If hey can actually be bothered to vote. That is always the issue.
AKE Price at posting:
$8.72 Sentiment: Buy Disclosure: Held
