and its interesting watching the ADE process.
we (and ESG) were/are t/o by way of Sof A.
ADE is copping it under an on-market t/o.
BPT is standing in market soaking everything up at 20c.
if anyone buys at 20.5c of course BPT is stuffed.
But already BPT is over 48% - so they are a shoe-in to reach 50%, then chuck out the existing board.
But the killer punch is the 100% figure.
under the on market offer, BPT must keep all offered.
In order to acquire 100%, Beach must pass 90%, then it can compulsorily acquire the balance.
of course in the Sof A, they only need to pass the 75%/50% rules, then they get to their 100% level.
so the issue of holdings >10% obviously mean BPT cannot reach that 90% threshold.
and it seems the ADE directors hold >10% - so Beach has to deal with those directors.
BPT will squeeze them - non-listing, dilution etc
So with the Scheme Arrow has got the directors recommendation, as so the hurdle is lesser.
good chance that BPT will be left with just a majority shareholding.
all fun and games
cheers
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