i know i keep banging on, but I keep saying that once BPT got...

i know i keep banging on, but I keep saying that once BPT got past 50%, the game changed.
And it has and did.
and that the options change for remaining s/h changes with each step as the t/o progresses.

so the latest being that:
1. the ADE directors recommend that s/h accept the bid
2. the ADE directors will accept for their shares.

Now that the directors have recommended acceptance, the ADE s/h will flood to accept. Whilst the bid will not close until 22 Dec, s/h will sell on market simply because why wait until Dec 22 to gey paid?

i think the directors had about 23m (its in the Target Statement), and with the acceptances today of 28m
-a total of another 51m shares, which is about 11%. So add that to last count of 65% and that now gives Beach about 76%.

so the next big step is whether Beach get to 90%, on or before 22 Dec.

If they do get to 90% on/or before 22 Dec, then you have no choice.
Your shares WILL be compulsorily acquired!
In my experience, you must not wait to be compulsorily acquired because what happens is - the Offer closes, then Beach applies to compulsorily acquire your shares, then you have to wait quite a time to get your money! Like its at least 1 month - and you cannot accept the Offer after it closes. You may be able to sell on market at some price, but it won't be over 20c, but below imho.
So don't get stuck holding shares if Beach gets to 90% !

IF, big IF, Beach does not make it to 90% by 22 Dec, then you have to make the decision whether to remain in ADE as a minority holder.
IMHO, you need to have #### of steel if you do hold out.
Because Beach will screw you unmercilessly.
They will delist ADE
they will dilute your holding
you will get almost no information
it looks like you will not have any truly independent directors to look after your interests.
there appears to be no big s/h left to look after you.
Beach can "creep" up the register and slowly soak up the remainder of shares.

Importantly, after a time (maybe 6 mths or more down the track), ONCE Beach eventually gets over the 90% threshold, they can compulsorily acquire your shares anyway!
All they need to do is get an IER valuation and apply to COurt. There are special rules about that, but i don't have time to research it further. If you have money, you can fight it. Good luck on that one!

SO imho, the options are rapidly diminishing- which maybe makes the decision easier - but probably no where near palatable?

just thought I would pass that info on FYI.

cheers