Current holders have few points below up their sleeve.
As the new compulsory acquisition procedures no longer depend upon a successful takeover bid, the following protective measures were introduced: • The threshold has been elevated (ie the 90% holder must hold a “full bene?cial interest” in at least 90% by value of the securities in the class, or in securities convertible into securities of that class, whereas following a takeover bid a “relevant interest” in the securities is suf?cient.
• The 90% holder must commission an independent expert’s report.
• If 10% of the outstanding security holders in a class (by value) object, then the acquisition cannot proceed without the approval of the court.
• The 90% holder must pay the legal costs incurred by objectors who oppose the compulsory acquisition, provided that the objectors have not acted improperly, vexatiously or otherwise unreasonably.
GDO Price at posting:
22.5¢ Sentiment: Hold Disclosure: Held
