Not quite gts. They are only entitled to the 2% success fee if...

Not quite gts. They are only entitled to the 2% success fee if the takeover is successful.

However there is an underwriting agreement, that FDY will underwrite:
- $10m if it goes unconditional and acceptance is less than 90%
- another $15m if they get over 90%

FDY is entitled to 6% of the funds raised (600K and 900K) for the two tranches. If nothing changes I guess they'll be proceeding with the first tranche cap underwriting...