takeover of cityview done deal post egm

I have taken a back seat watch of the cvi saga over many months just watching and reading the cvi story evolve. I have always wondered what the end game for cvi would turn out like. The refinery announcement was the clincher in the novel and will be the start of the end for cvi minority shareholders. hardt energy/group will take up $US150 million of stock at 20cents per share to help fund the oil refinery in Angola. At 80cents conversion rate to the US dollar this equates to 938million shares. Cityview currently has 460 million shares on issue. hardt energy/group will therefore hold 67% of the issued capital of cvi. they will appoint a minimum of three people to the board and possibly up to 5. they will appoint imo their own chairman and hardt energy/group will take over the day to day running of the company no doubt. Mark Smyth will take a back seat imo as an executive director something im am sure he will be very happy to do. the refinery deal is only waiting on shareholder approval which will take about six weeks to finalise. this means that by the start of November current cvi shareholders will be minority holders holding 33%. cvi's current copper assets according to pwc are worth between 40-60cents a share. I am in no doubt that hardt energy/group will launch a full take over of the remaining 33% at some time in the near future to take full control of running the Angolan assets that cvi has put together. once the egm nears you will see the insto's come on board and take their positions knowing that anything under 20 is a bargain. hardt energy/group will be free to buy on market after the egm and I don't think they will want to see their $US150million investment under water. cvi might tread water at current prices for a few weeks more yet but come post egm cvi will be well well north of 8.7 that is a certainty. bargains like this come along very infrequently and in this market it is a gem as six weeks isnt long to wait for 100% plus gains.