I'll have to check for sure whether Directors are compelled to put any bid to a vote (there might be crazy vexatious bids that get an exception and @SeeTheWorld seems to have an example of a real bid), happy to be corrected. In relation to the rest of the scheme, it would be highly illegal. CMP1, CMP2... CMP15 are associates of XhiLin and therefore XhiLin has Relevant Interests of 58.5%(!), which would be a big no-no. XhiLin would be in breach as soon as CMP2 got past 0.1%. Even if XhiLin owns/controls just 20.1% of each of CMP1...15, it would _still_ have to disclose as they would be associates. There would be big trouble and apart from being risking prosecution, the Takeover Panel would likely disallow the bid to go ahead.
I'm also having trouble understanding "paying MS to short GXY" are you saying MS takes an unhedged short or is XhiLin the one actually taking the short position?
GXY Price at posting:
$1.86 Sentiment: None Disclosure: Not Held
