All due respect, why is it a blocking stake to any other suitor?...

All due respect, why is it a blocking stake to any other suitor?

My understanding is that the announced 18% of BDR shareholders will vote for the Great Panther scheme of arrangement in the absence of a superior proposal.

Smith and Co are like you and I. If they offered more money for their shares, my understanding is that would be their preference.

My theory is that the shares were trading at 4.6 cents on September 17 - well below the most recent placement of 5.4 cents - and that a takeover at the implied 8.6 cents or even the 6 cents would be strongly desired by most.

However, any company can still make a bid for the company. It is only September 28.

Will BDR shareholders vote for the scheme of arrangement in the absence of a superior proposal? Of course they will - it a lifeline to get out.

Will BDR shareholders accept a superior proposal? Of course they will - most shareholders have been burnt and are seeking to minimise their losses.

Over to you market.