Ann: Substantial Shareholder Notice - bidder now has 87.80%, page-16

If T2 acquire 90% or more they will attempt to force us out at $1.35. These assumptions are based on them getting less than 96.41% (which is pretty much guaranteed in my opinion).

I think it is pretty much guaranteed that anyone who does NOT accept the $1.35 is doing so because they are of the opinion that $1.35 is an inadequate price.

If a minimum of 10% of remaining holders (that basically means owners of around 2.53 million shares) object to compulsory acquisition then T2 will be forced to go to court to seek court approval to acquire our shares. There will also need to be another Independent Expert report prepared.
I'm not familiar with the exact ins and outs of the court process, but if I was a lawyer (I'm not) I know which side of the case I would rather be arguing for. Especially given every holder has just had the option to accept $1.35 with their holdings, a price that was a 35% above the previous offer price of the bidder (prior to Regulator objection).
If T2 acquire 90%, it is my current intention to be part of that 10% minimum in objecting. I suspect everyone who has not accepted will be thinking the same way.
I don't think it will be too difficult to find holders who collectively own atleast 2.53m shares in aggregate to object.

The Taurus fund holding RRP shares is due to wind up in March 2019, however this can be extended by up to 2 years. I'm happy to assume they will still try and wind it up by March 2019.

Taurus still have funds locked up in Finders (ASX - FND), after the Takeovers Panel found against them. They will have the ability to cash in this holding from 1 December 2018 onwards. This holding is worth just over $20m.

I see it playing out like this (assuming they get 90%, but less than 96.41%).
- they seek compulsory acquisition
- shareholders object
- Taurus go to court

Who knows what happens after that.

If the shareholders objection is successful in court, then I see the only way forward to Taurus will be to make another takeover bid after it cashes in its Finders shares, probably early in the new year.
The last thing they will want is a capital raise and relisting, and I can't see the ASX approval a delisting (based on what I have read).
A new bid would have to be at a higher price, as existing holders will need a reasonable incentive to accept.

It would be costly for Taurus, but they will have done quite well out of the shares (atleast 2%, or 5m shares as per last substantial shareholder notice) they have acquired under this offer for $1 (assuming the $0.35 "compensation" comes from RRP bank accounts).

I don't believe the Independent Expert reports will dictate exactly what price we would be paid. It would just be used to help the Court determine whether we were being adequately compensated or not.

I also like the idea of causing delays and difficulties for Taurus given they way they have treated RRP shareholders since Gordon Galt became Chairman.

I can't see how Taurus can continue here without having 100% ownership of the shares. They have too big a stake to sell. My shares are for sale, but at a price that suits me, and not at a price that suits Taurus (unless I'm ordered to sell by a court).

Taurus couldn't give a stuff about me, but I'm happy to let them know I'm still around.
I hope you feel the same way too.

Shareholders are guaranteed a minimum of $1.35 fromT2 (probably with RRP contributing no doubt) for any proposal (now or any new one) made before 31 December 2018). It's open slather after December 31.