TSXV:AAA.P - Post by User
Comment by
balkwilljon May 13, 2015 4:43pm
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Post# 23725721
RE:Shareholder vote - delayed a week or two
RE:Shareholder vote - delayed a week or twoOr April 20th came and went and they don't have as many solid "yes" votes locked up as they would like.
Yahoo shows AAA as having 325 million shares outstanding. After the announcement on March 26, but before the "of record" date of April 20, 49 million shares have traded hands or 15%.
According to the latest investor presentation, ICL held 16.4%, LMM held 11.9% and FM held 2.3%.
If we assume that all shares traded since the announcement have gone to ICL (unlikely but may be close) then there are 45.6% of outstanding shares as known "yes" votes (and that doesn't include management).
To have the deal pass, they need 66.67% of outstanding shares to support the deal. That would mean only 2/5 of the remaining shares would need to support the deal to pass. They would have loved to go into the vote wth 66.67% already tendered but it doesn't look like that happened.
There can't be that many people holding on for their last 1 - 1.5 cents. I hope that a lot of the shareholders who held out intend to vote no and make ICL (or someone else) put forward a real offer.