RE:No Vote
Inthepeg wrote: Is there any chance our retail no votes can stop this deal or at least improve the terms?
As it all settles in it becomes clearer that Manson put this deal together for the benefit of BOD & Management without any concern for shareholders.
Could explain why the Australian left ... not wanting to be part of ripping off shareholder.
No, our retail votes are meaningless here and in most cases.
You would need a few major insiders / holders to be agaisnt the deal, and no one I've seen is, most insiders and major holders got in under super favorable conditions pre 2017 in the early days of the company, of course for image purposes they wouldn't sell shares even when the company traded in the 3s, but this deal is a way for them to get 3-4x+ their money and either roll into CXB which is a better entity, or walk away as when they are no longer significant shareholders or insiders, thier exits will go unseen now.
I don't know if CXB's shares they just got in the PP are allowed to vote because the transaction involves them directly (if they do count your already working against 14.2% + the board shares who approved the deal), but they would definitely get a vote if someone else were to make an offer.
According to Simply Wall Street (which I dunno how accurate it is) 51.7% of the shares are owned by the General public (us retailers)... so you would need over 99% to take the time to not only vote but decline the deal, or if some institutional/sizable vote 'no' you would need still likely need an over 90% participation and vote against it to back them up...