Interestingly enough, if a majority of the board do recommend against the bid then Hony and ENN are required under their agreement announced 27-Jun-2017 to vote their shares against the bid as well. From that announcement:
In order for them to regain the freedom to vote against the board in favour of a takeover they would have to withdraw their representative from the board and relinquish their other rights under the agreement.
Yesterday's announcement to the market (Santos Update Regarding ENN) reaffirms the strategic alliance between Santos on the one side and ENN/Hony on the other side. That announcement was endorsed by ENN's chairman.
If my understanding of this situation is correct then clearly Harbour's "Substantial Holder" announcement from Tuesday cannot be correct. Hony and ENN are not free to enter into such an alliance while the earlier strategic agreement is still in place.
Ann: Revised Harbour Energy proposal, page-11
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