What happens if the vote doesn’t pass? It might seem unlikely, but I think it’s technically possible. Presumably the retention election would become irrelevant, but what happens to NOT?

If I’m not mistaken Wyloo needs a minimum 66% of shares to vote “yes”, with Wyloo and the BOD holding something like 45-47%. So they need another ~20%.

The No camp would need 34%. Presumably BHP (still 5%?) will vote No and if we assume BaoSteel sits with BHP, then combined they have ~10%, maybe more. So the No camp needs another ~24%.

My interpretation of all the messaging since announcing the current offer is that Wyloo doesn’t actually want us retail to stick around, despite their oringal claim that we could "come along for the ride".

Given that they want to take NOT private, I guess it's no surprise, but I haven't seen anything to suggest that Wyloo is actually going to do anything. And I noticed in the release that it’s Wyloo Holdings Canada that’s buying NOT - a holding company, vs something like Wyloo Mining Canada, although I suppose that’s standard procedure.

Wyloo’s website claims they "Explore for, Develop and Invest in the Next Generation of Mines". Yet digging deeper all they talk about is exploration and investment. I’m wondering whether the 10 people on their “leadership team” are actually investment bankers that know just enough about mining to be dangerous. Oceans 10, the prequel to Oceans 11? Or maybe with Twiggy in the background it's Oceans 11 part 2?

GLTA,

Hobbit