Slight correction to above; shares will be converted into...

Slight correction to above; shares will be converted into 'CDI's' of Boart Longyear Incorporated (Canada). No difference from a trading function perspective, pending any left-field outcomes of the domiciliation.

This could get messy imo. My points of concern / interest are as follows:

1. The special resolution to convert from a public company to a proprietary company limited. I don't know what the implications of this are, but moves like this make me wonder whether Centerbridge is playing a long game for eventual takeover, sometime after domiciliation in Canada. Even in the worst case scenario of BLY becoming insolvent, Centrebridge stand to make $$$ via a combination of asset sales or consolidation of the company.

2. Why do they have the audacity to write 'Your vote is important' when major holders control 85%. Our votes are in fact not important.

3. "A body corporate that is a Boart Longyear Shareholder, or that has been appointed as a proxy, is entitled to appoint any person to act as its representative at the Scheme Meeting" Good luck if you wanted to throw tomatoes at management, they probably won't even be at the meeting. Probably on a golf course instead.

4. "The exact value of Boart Longyear 'Canada' CDIs is not certain". What the heck is this supposed to mean. I thought it was going to be a direct swap to CDI's, after which trading would resume with no manipulation of value. A re-valuation may apply regarding the fact BLY will become a subsidiary of Boart Longyear Canada. (The scheme specifies that a consolidation is not happening so any revaluations will not caused by this).

5. They have not made it clear whether Boart Longyear Canada will be listed on a Canadian exchange (eg TSX) in addition to ASX. Probably not, that would not help Centrebridges' cause for a TO.

6. Foreign holders are getting screwed, force to sell out within a couple of months. A royal shafting.

All in all I wouldn't be surprised if Centerbridge are aiming for a private equity play after all. No doubt they are calling the shots. Ares are happy to leave the party early after a quick and easy cash grab.

Short term holders may end up ok, but not so long term holders. Sorry Olivia, hopefully I'm wrong! All this is just my unlearned speculation!