News: GNX UPDATE 1-J-Power's $258 mln bid for Genex wins support from proxy firm ISS, page-18

Herein lies the mystery to be played out in the next few days - does Skip want to be a locked In minority or will they take the 27.5 cps and run?

To my mind, Skip only rejects the SoA if they are comfortable that they have sufficient legal protection (either at law on under a contract) to protect their position. Then, they also need to be comfortable with J-Power as a business partner otherwise why lock themselves into a situation where they are not in control. If Skip want to stay involved and are comfortable with J-Power, Skip would be better agreeing terms with J-Power to stay involved, however this requires the SoA to pass without Skips votes (I.e. they would be a separate class for voting purposes so would require 75% of the non J-Power and Skip shareholders who vote to vote in favour). With Proxy Advisors apparently supporting the deal, maybe this could be achieved. All depends on how the advance votes are falling and no doubt the outcome of soundings of larger shareholders.

Noting that the scheme timetable appears on track (reference last week’s announcement) and Tuesday is rapidly approaching, it doesn’t look like there is any sweetening of J-Powers offer ahead of the vote to get Skip to agree to sell. So, maybe Skip takes the 27.5 cps and runs.