too right they aint. Not if I can help it. Ive seen it too often, a lot of the money gets gobbled up in tax, and just as importantly, where else are you going to find something like NWE? which in my view is a 5x to 10x increase from here. That's why i view takeovers as a pox, a scourge where the only real winner is the party doing the buying and the bored and insiders who get a good inside running. Everyone else get shafted.
Meanwhile, have a look at the power of the numbers. As a collective, the Holdout shareholders make up a significant number - a bit more than 26%. The top 20 Holdout SH largely remain, but the big number is all the small parcels of 100,000 to 1,000,000 that altogether make up
1.44 billion Shares. (these numbers are a little different from lilylou chart, i think the co updated it - big thanks to the co for publishing the top 20)
Just to put it in a bit more perspective. MIN had 20% to begin with, together with another 20% patsies that made their way onto the register in anticipation of mins move. So that means the "free float" was around 60%. The bored and kennedy accounted for 6%, so that is around 54%. Out of that 54% we have 26% (a little less than half) holding out, and the other 28% folded because they were intimidated or made to move by the boreds recommendation to accept the offer. The point here is the bored did not do their homework when it came to truly gauging shareholder support, or they were always going to sit back and capitulate to min (maybe that is why they did not vigorously chase gas sales agreements, financing and publish prospective numbers etc) and everything else was just a second rate charade.
The other important point to note here and it is my guess only - the hot copper forum has contributed significantly to the holdout number that has been achieved. Think of it, without people posting informative posts, encouraging each other, saying things the bored for whatever reason did not point out, most people would be lost in mins BS and left with no credible alternative.
