Newbie thomas,You forgot to answer to the following question...

Newbie thomas,

You forgot to answer to the following question from blowthewhistle:

"I am sure it is worth 2 digits at least even with a billion shares. Will there be an independant valuation done if the take over does happen?"

My reply...if I may...

I once thought that an Independent Expert Report would have had to be supplied to the shareholders when a takeover was put in place.

But, with the last takeover that I've just experienced between EXS and SOL where SOL ended up getting EXS, no such Report was supplied to the market.
Some requests just ended up being just that. A request that wasn't complied with.

As for the amount of voting shares that are needed for a successful takeover of a company, IMO it all depends on how the takeover is based and approached.
Is it based simply on a normal takeover, or is it based on a Scheme of Arrangement?? For, each one of them have different rules and percentages applied to, in order to get the final approval and consequent success.

I still have my shares in the bottom drawer of my chest of drawers...maybe I should start getting them out and wipe the dust off them, lol.. :-) :-)

On a final note, I really don't know if they are going to be successful with this Rights Issue, (especially with the current value of our sp), and if Patterson will end up coming up with their money to take up their share of the underwriting. IMO there are too many conditions in place for Patterson to allow them to walk out of the agreement. And IMO, it wouldn't be the first time that they did so either. DYOR!!

Good luck all.