Yes, a “real steal”. The existing shareholder goodwill could be largely retained for less than $10 million (assigning a one cent per newco share value). Really quite extraordinary that the Quebec government has not insisted on this. In the context of the deal value this is EASY to accomplish. Only true incompetence or uncaring can explain why it is not done. Like Reply
Do you see opportunity for shareholders to fight decision ? Surprising Soft Bank let be steal without any reaction. Like Reply
Difficult to fight from a legal perspective, since it appears that the restructuring choices are limited. Continuing political pressure is perhaps the only hope. I have sent the following message to Pallinghurst’s Arne Frandsen: “The question will be, was it worth not spending less than $10 million together with Nemaska newco co-investors to assign a one cent value to existing shareholders’ interests? The answer to that question is that it is unlikely, in my view, but you could still emerge a hero by adding this component…. Best regards, Kevin”
