Scheme of Arrangement

I have previously posted on the issue of potential takeover by a scheme of arrangement as happened to former ASX listed company Spookfish by American leader in photo-imagery Eagleview. IMO the takeover was not in the best interests of shareholders, but proceeded because the company managed to elicit sufficient shareholder support, which resulted in at least 75% of shares voted, and 50% of shareholders who voted, in favour of the takeover.

I have always been concerned that this could ultimately happen to SMN before the true worth of its CVM technology is fully established by the aviation industry. Whilst the SMN share price remains under pressure, and frustrations run high, there is potential for SMN to go in the same way.

I am a (small) shareholder in PBT, which is involved in aircraft maintenance (of all things a prominent Pratt and Whitney aircraft engine!). And on 19th August it was announced that PTB board had agreed to a takeover by way of Scheme of Arrangement by Precision Aviation Group, PAG, at roughly a 40% premium to recent price of PBT, and valuing PTB at $200 million. Obviously on first look it appears an attractive offer. Strangely the directors recommend the deal to shareholders. PBT put out an increase in guidance as recent as April, and expectations are now to achieve an even higher EBITDAFX!:
"PTB announces FY22 preliminary unaudited post-AASB 16 EBITDAFX of $23.3 million8 which is above the guidance range of $21.0 million - $22.0 million provided to the market on 21 April 2022."
So wrt SMN am I jumping at shadows. I don't believe so, I really am concerned that the longer it takes to sort out this boardroom spat, and the delays in commercialisation of CVM the more chance we could miss out on what is the full value of this brilliant technology!