Ann: Letter to shareholders re Arrow Proposal , page-26

goodaye Anthony,
whatever happens, Arrow will want 100%.
so it has to get beyond 90% in any t/o, so that it can compulsorily acquire the balance.
otherwise it needs to go to a Scheme of Arrangement eg ESG.

IF they get directors recommendation, then they will go for a Scheme.

so they will try to get consensus with Arrow.
given that, the chance of an increase is high imho.

IF they go hostile with a bid, even on market, they run the risk of being left without 100%, and maybe even in a minority position.

your mention of instos holding is spot on - i think the instos would sell into an on-market bid, and take the quick profit.


but the trend seems to be a Scheme.

the other thing you point to is the Directors holding- that plus a few loyal s/h would stop Arrow from getting to 90% anyway.

cheers