RE:If NGP tenders all of their shares
Mickey2 - "I dont understand this pro-rata thing."
'If more than 18,750,000 Shares are properly tendered to the Offer, the Company will take-up and pay for the tendered Shares on a pro-rata basis according to the number of Shares tendered,"
Pro-rata means that if more than 18,750,000 shares are tendered under the offer, the company will purchase for cancellation at $4.00 per share the percentage of shares being purchased by dividing 18,700,000 by the total tendered.
For example if 50,000,000 shares are tendered, the company will purchase 18,750,000/50,000,000 or 37.5% of all shares tendered.
So, using this example, if you tender 1,000 shares, 375 will be purchased by the company at $4.00 and 625 will not. You will still own them and are free to keep them or sell them in the open market.
For example if 100,000,000 shares are tendered, the company will purchase 18,750,000/100,000,000 or 18.75% of all shares tendered.
So, using this example, if you tender 1,000 shares, 188 will be purchased by the company at $4.00 and 812 will not. You will still own them and are free to keep them or sell them in the open market.