Good post JP - the only thing I would add is that Schemes of...

Good post JP - the only thing I would add is that Schemes of Arrangement are only ever put in a position where they can be voted on with management support, ie if management don’t support/sponsor it being put to shareholders, then they don’t exist/happen. In other words there’s no such thing as an “aggressive” Scheme of Arrangement (whereas aggressive takeovers do happen), so unless LVT management (including large shareholders Karl and Peter) are effectively in favour of such a scheme it probably wouldn’t see the light of day.