Where do you get the number of 15% that T and D or associates don't own? I have always thought it was more like 45%. Yes clearly by not participating on the buy back the % they own goes up without them spending any money, but that is true of all shareholders who don't take part. I don't know the rules around taking out minority shareholders but the independent directors need to act in the interests of those shareholders. Again I don't think it will be taken private anytime soon, just my opinion.
bumper december quarter, page-17
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