RE:RE:2022-earned 82 cents-where's the divi????from what??? if the major shareholder tries to take out TBL from the minority shareholders via a "creeping take-over" using the NCIB to obtain the minority shares ITS A NO GO..in fact the minority shares become even MORE valuable as they will now have equal weighting in an "ISSUER BID" situation...see below simplist legal jargon that i could find...dwdc
There is a 50% minimum tender requirement for all formal bids. The bid is open for a minimum of 105 days, subject to the target board’s ability to shorten the period, to permit shareholders adequate time to consider the offer and tender their securities. If at the expiry of the initial bid period the minimum tender requirements and all other conditions of the bid have been satisfied or waived, the purchaser must extend the period for at least 10 days to allow additional shareholders to tender. At the expiration of the bid period, the purchaser takes up the shares and pays the tendering shareholders. If 90% of the shares have been tendered and taken up, the shareholders of the remaining 10% can be forced to tender their shares. However, where fewer than 90% but more than 66 2/3% of the shares (or 75% in the case of some British Columbia corporations) have been taken up and the purchaser wishes to acquire the remainder, the purchaser will then be required to do a second-stage squeeze-out, which generally requires the approval of two-thirds (or 75% in the case of some British Columbia corporations) of the shareholders and possibly a majority of the minority shareholders. Locked-up shares can be counted as part of the minority vote if the shares were given identical treatment.