In their Bidders statement, Risco state they intend to delist. The ASX rules (as I understand them) allow a simple majority vote by those in attendance at an AGM to decide the issue. If more than 50% of the votes cast are in favour of delisting, the motion is carried. Note this is not 50% of all shares issued. Thus, while Risco and Chatchai had approximately equal sized holdings, it would be difficult for either to unilaterally get the motion approved, particularly if more than 150 seperate shareholders on the register held more than $500 value of shares. With Risco holding ~34%, Chatchai would need support of ~9% of additional voters to stop the motion and this may cause him to cave ultimately. Would this benefit smaller shareholders? I doubt it. We need a big brother to see the value and step in, but time for this is running out fast.
I have not changed my view on fair value, but don't think we are going to realise it.
TAP Price at posting:
9.1¢ Sentiment: None Disclosure: Held
