I think it just requires passing an ordinary resolution, so more than 50% of cast votes (as long as proper notice is given and voting exemption statements are made, if any are required to be made).
The new directors can circumvent a company takeover by selling Bibra to RRL and only need 50% of votes cast in favour of the resolution IMO. Not 50% of all shares, just 50% of votes cast.
In a company takeover scenerio they would need to get to 90% acceptance of all ordinary shares to compulsorily acquire the remaining shares.
This is a recipe for getting a really bad price for the assset and these "third parties" (now our directors) collect huge payouts on the way out as they liquidate the company.
The voting intent of major shareholders has been shown by voting in favour of the spill motion (and these new guys) so it looks like they have the backing to sell Bibra (CMM's main undertaking) for a pittance of what it is worth.
Dissappointing IMO and the mechanics will take a while.
1) Recieve the inadequate offer.
2) Recommend the inadequate offer.
3) Notify shareholders of the decision to sell and seek shareholder approval, send out notice of meeting that probably includes an expert report massaged to just sneak the amount offered into the lower end of a highly massaged value range.
4) vote on offer
5) recieve funds and or shares
6) distribute funds (and or shares) making sure plenty left over so all the pigs get a good fill at the trough when they leave the company as a shell or liquidate it totally. Probably a better idea to leave quite a bit of money in the kitty after selling the project and returning the capital so they can keep feeding at the trough for years to come.
It's actually quite amazing that shareholders voted for this pathway given the project is practically fully funded for developmemt and the $A gold price is booming. A stable management that was delivering and getting on with job would have made us far more money in the long run.
We have let the trojan horse through the gates of our fortifications and we will get slaughtered in our beds on the value we recieve IMO.
I actually didn't end up voting on the spill motion and just looking at the results my shares wouldn't have made any difference.
I hope they just hurry up now and get on with the carve up.
If we get RRL shares now they are likely to be payment for the project (ie not directly offered to us in exchange for our shares) and then will be distributed in species to the shareholders of CMM after the vote is approved.
RRL won't be obliged to offer as much this way either as the bar for the acceptance of the offer is soooooooo much lower.
Doubt we will see an 11.4 cent equivalent now the major holders have figured out how to fire sale this off to RRL
ie they will try and tell us Bibra is worth less than $85.2 million...........lol
(20min delay)
