Hi John,
A script offer in the usual sense doesn't get them around Hawkes Point blocking stake. A script offer for the asset with an in species distribution to shareholders does. The purpose of the spill motion for me has become crystal clear now. The block of shareholders that voted for the spill and got it across the line have the same power to get an asset sale away, ie go around HP's backs.
The real question for me is are these guys full of hot air, ie do they really have the deal lined up? You would have to think so or else they wouldn't have garnered such wide support from the willing sellers.
As I said the other day it's a no brainer 45% return from the 7.5 cent level IMO, if these guys aren't just pulling our chains. I wouldn't expect much more than 10.9 cents.
Should happen soon IMO if it is going to happen.
I'll be disappointed but I'll also have no choice but to take it. Esh
Ann: Results of Meeting, page-43
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