scheme voting, page-60

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