I don't know what you are talking about, or where your info comes from. I have worked on several delisting transactions similar to this.
Further, given the nature of the transaction, FIRB approval is needed again - and any dilution will affect NMDC's holding for the worse, and all of these procedures.
NMDC has repeatedly indicated it wants out to delist to avoid ASX regulatory costs. NMDC will drive this. There is only one way to de-list in this instance. There are clear additional rules for state owned foreign mining enterprises under FIRB, and the same requirement of 90% acceptance of the Bidder's Statement under the required delisting procedure. There is no other way to "magically delist", and - in the alternative - if they decide to crack on and put Mount Celia and the REE and Iron into production, then that is a positive for holders.
NMDC's only way forward is a bid that will pass those procedures. They can no gain a ~$287M+++ bank of projects, with FIRB/ASX/TO Panel approval, for around $8M for the remaining 22% (at a 2.5c offer), and they would pay more if needed. They will do that all day, to get complete control of LCY. Only holders since pre-2014 MAY decline the offer, but I think their bet will be secure, as I suspect 90% of non-NMDC holders have bought since then - and will cash out. Then, under the Corps Act process, the remaining 10% can be compulsorily acquired. There is no other way to compulsorily acquire shares ffs.....
