I can't/won't tell you which way to vote but at the moment our suitor (TPT) is in search of two new directors to replace one's removed by a group of major shareholders. This means the direction and intention of TPT towards JKA is unknown. For me this alone would be reason to vote no. You can read through a lot of intelligent views (both for and against) the takeover on this forum.
I will not be voting yes unless Cap Juby (a nearby well exploring the same play type and currently being drilled by Cairn) comes in with a commercial find. In my view Morocco is the main asset TPT bring to the table (I believe the cash they bring could be raised/accessed in a less dilutive manner). The market at present does not value Morocco highly enough for me to accept the deal, a lot of this has to do with no commercial discoveries in the area, as mentioned above this could change along with my view on the deal.
If you don't vote (less of a vote and more of an acceptance) then you are essentially saying no. You will keep your shares in JKA unless TPT get acceptances for more than 90% of JKA shares (seems very unlikely)in which case they can force the deal through for the outstanding 10%. If you accept and TPT get more than 50% of the JKA shares then TPT have the option to accept those bids and take a position in JKA as a major shareholder (given the recent board upheaval I do not think this is a likely scenario).
In summary, the choice to accept is yours and yours alone. Not accepting is essentially a No "vote".
JKA Price at posting:
8.3¢ Sentiment: Hold Disclosure: Held
