I hope that there aren't any that are still confused by this.
Today's announcement is just more legalese about the conditions having been waived.
ie the requirement for 90%, the fact that GMM is not encumbered by any other party's claim or legal process over it's assets.
see conditions 1.9 on pg 97-98
http://www.asx.com.au/asxpdf/20160622/pdf/43820h6p6qgpb4.pdf
The merge has been declared a success yesterday because 80% of shares are now in GXY hands.
"Unconditional" is like Unconditional surrender.
General Mining, all it's assets and profits is now controlled by Galaxy by virtue of the controlling vote that they now have.
According to the Little Golden Book of Take Overs - you need a 20% blocking vote to stand in the way of a decision by the board. That no longer exists.
Galaxy will then proceed to convert those who have voted YES to GXY holders. Presumably starting Monday - according to the Bidder's Statement.
You get them 1 month after you voted YEP up to a maximum of 3 weeks after yesterday 28th July when the company called it.
The rest of the process is just mopping up stragglers. They now have a week to vote over their shares if they want they want to have a shot at Galaxy shares, or sell them to others that do.
After that Galaxy plans to de-list the company. They hope that this does not leave any GMM-ers high and dry but that will be the result.
At any point if the stragglers hand over 90% then all remaining GMM shares are compulsorily acquired.
Anybody still confused?
