OTCPK:ICPVF - Post by User
Comment by
Oldfart74on Jul 13, 2021 6:58am
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Post# 33534651
RE:RE:RE:IPL version
RE:RE:RE:IPL version
TVR wrote:
The ASC decision looks like it means Brookfield has to secure 75% of the total IPL shares to make their bid work - 55% of shares tendered + their own 20% (9.75% owned share + 10% beneficial interest). This seems a stretch given the attractiveness of the PPL offer that allows IPL shareholders to retain a stake in Heartland and is a tax free conversion ( which the Brookfield offer is not). Either Brookfield increases its offer or this is likely over tomorrow when the Brookfield offer expires.
Personally I like the idea of retaining an interest in Heartland, along with the 6%+ PPL dividend.
The 55% threshold is a very high bar to reach. Also remember that the Supplental Shareholders Rights Plan (Poison Pill) was not cease traded - it is still in effect. This is a serious impediment to Brookfield.
With regards to the voting rights at the IPL shareholders meeting,, the ASC has ruled it does not have jurisdiction. Who has jurisdiction? The Alberta Court of Queen's Bench. It has the authority to decide this matter. If the case ends up in court, I expect the views of the ASC concerning the Swap arrangents would be vigorously argued.