RE:RE:Takeover by AvinoThanks for the reply MrLaw.
According to the law firm McCarthy:
66 2/3%. Special resolutions of a corporation’s shareholders require the approval of two thirds
of the votes cast under most Canadian corporate statutes (for corporations
incorporated under the British Columbia Company Act, 75% approval is required).
Matters that require approval by special resolution include, for example:
- significant amendments to the company’s articles of incorporation;
- amalgamations other than with subsidiaries;
- continuance or re-incorporation of the company to the laws of another jurisdiction; and
- dissolution.
https://www.mccarthy.ca/pubs/guide_mergers.pdf
From my research, I believe all of the outstanding shares are voting. With an estimated 39.6% already in favour of the takeover. Avino would need 27% of the 60.4% other shareholders vote to win the takeover.
So the question is: Do you think Avino will get the required 27%?
I think its more of a question of did the BPM board look at all the options. Did they attempt other forms of financings? When you see other companies with lesser projects than BPM get $3-5M financings, you must question the management and board's ability to raise capital for the company. Are they promoting their company in the right way? If you don't market yourself in this industry, you'll get no where. And it has been evident that BPM has been absent of it.