Takeover Lawfare

Good evening,

For those not familiar with ASX takeovers, how they happen, what say you as a holder has.... take a look below for the current scenario BOT is in.

A scheme of arrangement under part 5.1 of the Corporations Act, proposes transferring of all shares to the bidder in return for cash or shares or both, and is mentioned as in force in the company advisory. It requires court oversight to ensure fairness.

A scheme of arrangement requires by law at least 75% of the votes cast by value .... and a simple majority ( over 50% ) by number of shareholders present and voting. Ie, half of all shareholders must vote, and if over 75% of the voting share value ( not the voting shareholder numbers ), vote yes then it will pass, if no it will fail.



Two court meetings are required - one to convene the meeting, and one post vote to ensure the process is fair, and ASIC has no objection.

Timeline Event DateAnnouncement of Schemes 24 July 2025
Lodge Scheme Booklet with ASIC for review Late August 2025
First Court Hearing for the Schemes Late September 2025
Scheme Booklet dispatched to Warriedar shareholders and optionholders Late September 2025
Scheme Meetings Late October 2025 to vote ---- don't miss this

Second Court Hearing to approve Schemes Late October 2025
Effective Date Early November 2025
Implementation Date Early November 2025

I notice that the board agreed to the arrangement on the basis that there is no better offer, and providing an independent expert concludes, and continues to conclude it's in the shareholders best interest.

If drill assasy information dries up all of a sudden from the company.... that would look veeeerrry suspicious.

On the other hand.... If WA8 continues expanding the MRE, and it is increasing, very hard to see how any expert could justify a fixed price for something that is hugely undervalued to begin with.... let alone when the MRE is redefined at a higher level. I would suspect it would not make it to vote in this case?

None of the above is financial advice