RE:RE:RE:RE:RE:How long until we see cash in our accounts?GarlicToast wrote: Correction: If you do not tender your shares you will get the default options, all shares , 1CMED=3.4 ACB.
GT: Are you referring to this second round of the takeover offer from Aurora in your answer here?
If you are referring to the initial takeover offer which is about to expire tonight, then this would not be correct. If the Default option was for the all-share option, then it would have meant we would have had full 100% tendering of shares (by default of course) and no need for a second round.
The Corporate Action Notice for this first offer states in BOLD Underline print that
"SHAREHOLDERS WHO DO NOT WISH TO TENDER THEIR SHARES TO THIS OFFER NEED NOT SUBMIT INSTRUCTIONS". This would indicate to me that the default option is actually to NOT tender your shares for this takeover. It would appear to me that they are actually using this first round to kill two birds with one stone.
If you tendered your shares no matter which option you selected, it basically meant that you was agreeing to the takeover of CMED by Aurora. Conversely, if you did not tendered your shares for this first round, it effectively meant that you was NOT voting for CMED to be taken over by Aurora.
Looks like this second round is now good to go since Aurora was able to get 70.66% of the shares tendered which meant that more than the required 66.67% of the outstanding shares approved of the CMED takeover by Aurora. If they had not hit the required 66.67% mark, then there would not be a need for this second round because it meant that the takeover was not approved in the first place
Now, this second round is for all of the shareholders who either knowingly or unknowingly voted against the takeover to select their option, now that the takeover requirements have been officially met.
At least that's my take on the situation here. Does anybody here know if Canopy also had these same convoluted options for the shareholders to choose from when they did their takeover of Mettrum?