sub - if the Alkane offer is rejected on Friday by EXU...

sub - if the Alkane offer is rejected on Friday by EXU shareholders then Alkane is not entitled to the $400k break fee. But if any of the Explaurum directors were to change their advice before Friday's meeting and either recommend that EXU holders vote against the Alkane offer and / or that EXU holders should accept the Ramelius offer then Alkane would be entitled to the $400k break fee. What I think tangs is saying, and what I think the most appropriate action would be, is that only after the Alkane offer is rejected at the meeting this Friday then Explaurum directors say that in light of there being no other reasonable alternative remaining EXU holders should accept the Ramelius offer.

Once EXU shareholders reject the Alkane offer Explaurum has 30 business days (?) to repay the $800k that Alkane "lent" to Explaurum. The only likely way that Explaurum can repay that $800k is if Ramelius gives them a loan and I doubt Ramelius would give Explaurum a loan if the Explaurum board is still recommending that EXU shareholders reject the Ramelius offer.

I think how this process plays out from here is quite mechanical.

Note that I do not hold EXU but I do hold RMS.