Redant, I know you have written to someone else, but I know of such an example, which is very recent and in which I was a shareholder.
It was a longish saga but well documented in the media, so I will just be brief and you can do your own research if you so wish. Atlas is now fully owned by the Reinhart Family for a price of 4.2c-4.5c a share. The 64.64% mentioned below gave in fairly quickly at 4.2c after a bit of thought. The rest finally sold out, or were ultimately forced out, after a struggle over a few months. Inflexible TO terms. But always legally compliant.
To begin..... Atlas Iron AGO Annual Report 1917 had TOP 20 35.36%, leaving 64.64% not in top 20 and presumably mostly underwater due to the most recent drop in the AGO share price to around 2c The 2018 Annual Report occurred in the middle of the TO.
Now..... most recent CDY TOP 20 I can find shows 38.21%, leaving 61.69% not in top 20 and presumably mostly underwater due to the most recent drop in the CDY share price to 25c (1.25c old money).
Similarities I see are in the assets which are......coveted.....actually owned.....already making money....... will make more money with better management.........and the possibility of as yet unknown profitable finds. There also remains the possibility of breaking up the pieces as well in the future.
Non similarities could be.. For AGO there were originally 3 suitors..... For CDY.....?....... AGO Market Cap around $250M, CDY Market Cap around $23M. Different market sectors. Maybe different suitor numbers, persistence and TO terms.
Sorry to push in. It is all still fresh in my memory.
Consider a part takeover may be imminent.
Phillit's Atlas Iron AGO is a good example of a plausible surprise attack on CDY. It is also a lesson for us on how suitors can take out even loyal and long term shareholders with a low ball offer.
The play against us should not be dismissed as conspiracy theory as it is a clear and present commercial risk we face. The CEO and the Board (if not behind a hatching bid) should be very worried. They don't dominate the register and would need us to block a takeover.
A crafty, opportunistic bidder does not need to initially target 90% of issued shares to activate compulsory acquisition, but only 51% to gain control of the Board and then do what they like including to replace and/or appoint their own directors and replace the CEO. This may or may not be a good thing, probably not a good thing, but looking at the register and those on the sell side taking control of the company is feasible with a part bid at around $0.40 ps.
It would require only $8.08M at $0.40 ps to gain the 24.25% balance of 20,202,361 shares needed to take 51% control if the suitor and associates already held say, to illustrate, 70% of the shares (viz. 22,277,551 shares) held by the top 20 holding 31,825,073. Or, if the suitor/associates held no shares at all now, then still just $17m for a 51% of 83,293,946 issued shares at $0.40 ps.
A part bid for 51% at $0.40c about now would likely flush out enough shares to succeed. It would short sightedly probably be seen as attractive to many holders to accept: e.g. the impatient for Midkine to blossom, the disillusioned with overall progress, management and/or the sp collapse, those just happy to get their recent $0.38 share purchase plan investment back $0.02 (+ 5%) and walk away even at a loss on their long term holding.
Expect a suitor, as usual, to frighten holders to accept by pointing to the likelihood that if they didn't and the bid failed at the offer price $0.40 ps, the market price would in all probability fall back to the pre-bid $0.25. The misguided, but understandably, short term sense of many would be to accept and lock in the certain $0. 15 (+ 60%) premium.
Most of us here I think believe in the golden future for this emerging company if properly managed to take advantage of its commercial opportunities. The Evolis upside alone is likely to support a sp of >$1.20 within 3 years with a market cap then of $100m. Midkine's long term potential humanitarian medical benefits could possibly drive a sp five-fold further to $6.00 and a market cap of $500m. That upside cannot be ruled out.
We cannot let any part takeover succeed to 'steal' the stock's clear potential from us and handover a 3 to 15 bagger to whoever they may be.
Expand
