goodaye, well it has finally happened - i guess the PTN acquisition and shuffling of assets, bank demands, were the trigger (plus also the recovery of the retirement sector).
I just compared the Top 20 s/h list. Most of the s/h (other than LLC) are nominee coys. Of the non-nominee coys, most of those s/h were in the Top 20 last year. Of the Nominees, most were also in the Top 20 last year - but we have no way of knowing if they represent the same parcels of shares - but I suspect they do to a certain extent.
The point I was looking for, is that those s/h in last year Top 20 will have a much higher entry point than 31c !
The issue for LLC and LLP , is that LLC cannot vote its 43%. For the Scheme to get up, it needs 75% of shares voted, and 75% of shareholders voting.
So there is 57% of shares in LLP that LLC do not own. Thus 25% of that 57% is 14.25% of the total. In other words, it only needs holders of 14.25% of the shares of LLP to vote against the Scheme and it will not pass.
Given my point above that it looks like many of these Top 20 s/h bought over ayear ago, it may be that they will not be happy to exit at 31c, and may vote it down.
I had shares in INP - Sonic tried to do exactly same thing - Independent Directors recommended deal, but Instos got Independant Dir to negotiate a slightly improved price, and deal went thru.
cheers
LLP Price at posting:
29.5¢ Sentiment: None Disclosure: Held
