AFR article, page-17

"Maybe one needs to seek advise on how to play this from the likes of Solomon Lew?"

That's what I was referring to in a post a couple of weeks ago.
If s/h believe in the potential growth of WCL, and believe that the LB bid "manifestly undervalues" the potential of WCL, then we are free to not accept the offer, or accept for a portion of our holdings.
But one needs to be comfortable with WCl as a medium to long term investment.
Clearly LB sees plenty of value there - as does the Board.

Remember, the board only recommended s/h accept the LB offer, because of the likelihood that LB would get ultimate control.
They did NOT recommend acceptance because they thought the LB offer was fair or reasonable, in fact they still maintained that the bid undervalued WCL.

So even IF LB get past the 50.1% level, there is still very much plenty of scope for us smaller s/h to continue to hold, and reap some of the growth potential.
Fact is, IF LB gets control, and makes appointments to the Board, those directors, whoever they are, must by law act in the best interests of the company and ALL its shareholders.

So even if LB get to 50.1%, they cannot run the company as their own private enterprise- it still remains a public listed company.
Obviously if they get to 90% they would compulsorily acquire the remaining 10%.
If they don't, and providing the remaining shares are "widely held", then WCL can remain listed. I am pretty sure if there are 300 shareholders, then it would be difficult for WCL to be removed from the ASX list.

So if one continues to hold shares in WCL, and one holds the shares in multiple names, then that level of 300 shareholders would be attainable.

Whilst 40c is a crap price now, in 12mths time when WCL is pumping bucket loads of gas, that 40c would be history!

Sol Lew bought his shares at around $1.80 - $2, back in around 2008 - he is now offered $17.00.

cheers