Ann: Becoming a substantial holder - Harbour, page-6

The Harbour Proposal is subject to a number of conditions, including:
+ A minimum of 15% (up to a maximum of 20%) of existing Santos shares outstanding rolling over into unlisted shares of a special purpose company (“Harbour RollCo”) that will remain invested in Santos;
+ Entry into binding debt financing commitments;
+ Completion of confirmatory due diligence;
+ Regulatory approvals, including approval by the Foreign Investment Review Board;
+ Unanimous recommendation of the Harbour Proposal by the Santos Board (in the absence of a superior proposal); and
+ Entry into binding transaction documentation, including standard deal protection mechanisms.
Harbour has indicated in its proposal that, whilst it has not reached any agreement, arrangement or understanding with them, ENN and Hony Capital (together Santos’ largest shareholder) may wish to rollover their existing Santos shares into Harbour RollCo.


To me its part of the deal, most shareholders will say No to a $6.50/$6.60 takeover bid, so I think they will simply put forward an offer the majority of shareholders wont refuse, maybe $7 or upwards.