TAKEOVERS PANEL and the INDEPENDENT EXPERT REPORT., page-29

J-Power hold ~7.72% and given this is a friendly approach with the board and Skip Capital on side - they won't buy more. If they did, they need to notify for each +1% under ASX rules (they won't buy though).

I think holders are forgetting that J-Power are a JV partner, extended a corporate loan ($35m which is fully drawn, to avoid dilution at 14c) and generally have been supportive of the company.

Given the tight pricing to the offer price indicates it's a done deal. Low probability of any interlopers given the above & just in case Howie thinks the NAIF loan is going to kill the deal - it wasn't even an issue last time (I spoke with a contact at Stonepeak - MAT issues were unquantifiable at the time and cost of debt was prohibitive of pushing ahead).