Incitec Pivot Ltd T.IPL

I voted NO

[writer21]

More than 20,000 actions against the union with PPL. A small %, but every vote counts.
These shares will not be given to BIPC either.
 
Given the % required and the split opinions, I think it unlikely that either offer will be accepted. But I could be wrong. We will see.
 
Shareholders who are motivated to hold PPL shares could sell their IPL shares now and buy PPL shares. They would get a better price than 50% of the PPL share price as proposed.
 
On the other hand, IPL shareholders who want to fully benefit from HPC's appreciation in a few months should keep their shares and not dilute them by about three times among the 550M shares of PPL. Remember that at the time of the proposed merger with PPL (around October 1st 2021), the costs of HPC should be largely completed. What will remain are the start-up costs.
 
I also voted "Abstain" for all directors.
 
I disagree with the decision of the directors to grant break fees to PPL. This decision represents a cost of $0.8154 per share for each IPL share. This is contrary to the interests of IPL's shareholders. If PPL insisted on this bonus, the directors should have refused any proposal from PPL, as they did for BIPC. IPL shareholders did not need PPL's offer, nor were they obliged to accept BIPC's offer. Therefore, the recommendation of the IPL directors does not add any value.
 
If PPL's offer is rejected, will unhappy IPL shareholders (including BIPC) want to :

• Seek to challenge these fees? For various reasons, it is unlikely that the challenge, if any, would be initiated by BIPC. However, BIPC could probably support it.
• Make changes to IPL's Board of Directors to prevent unreasonable break fees from being agreed again with another company, to the detriment of the shareholders' interests?

 
It is up to each IPL shareholder to make its own assessment.
 
Good luck to all.