This is from the Q&A that Mach put out, pretty clear they will use all deposited shares to vote NO and then only buy up to 19.9% of the shares.altiplano wrote: ↑Fri Aug 09, 2019 8:49 amI completely understand it.tintin42 wrote: ↑Fri Aug 09, 2019 7:13 amHave you read and understood the full proposal from mach or you just assume it's a fair deal since it's a big investor? That's what the offer is so that's why I don't understand why any shareholder wood take the deal.altiplano wrote: ↑Thu Aug 08, 2019 7:41 pmNo.
That's not the deal on offer from Mach.
You are talking about this multi billion dollar business like they are some Nigerian chain letter hacks running a scam to trick people.
Besides, they don't need 40% to get the No vote. With Letko against at about 19%, plus some other large stakeholders uncommitted to the AC deal, Mach might see this deal blocked with well under 19.5% of proxies.
It's absolutely a good deal for an investor that's happy to sell at $13 and wants to maximize their investment.
Also, if the subscription conditions aren't met by the depositing deadline all proxies are revoked. You can also revoke your proxy after the deadline if you change your mind. The offer is pretty up front and easy to understand and while Transat execs might not like it - no golden pay day and they are going to get fired - investors looking to maximize their gains should like it and cheer a "No" vote.
You are going to get $14 if it's a No, and you are no worse off of its a "Yes".
The idea that they could just take and vote your proxy, get the "No", and then not pay you the promised consideration of $14 within 3 business days for the underlying share is ridiculous. The offer is clear, and I did read it.
Quote in the Mach offer where the deception is. It isn't there. This is a straight forward offer.
HOW WILL DEPOSITED SHARES BE VOTED?
As a condition of take up and payment of the Shares, a depositing Shareholder is required to appoint the Offeror as its nominee and proxy for the Special Meeting in respect of allShares deposited pursuant to the Offer (the “Deposited Shares”) by August 13, 2019, regardless of the number of Deposited Shares actually taken up and paid for by Offeror.
Upon deposit, the depositing Shareholder will appoint, or instruct the Intermediary of a beneficial Shareholder to appoint, Alfred Buggé, Executive Vice President, Mergers & Acquisitions of Mach and Vincent Chiara, President of Mach, as the proxyholders in respect of the Deposited Shares and to vote against the Arrangement Resolution at the Special Meeting and assign all other rights, including Dissent Rights (as defined below), over the Deposited Shares in favour of the Offeror notwithstanding (i) any Pro Rata Condition (as defined below) and (ii) that the take-up and payment of Deposited Shares occurs within three Business Days following the Expiry Time (as defined below).
THE OFFEROR INTENDS TO VOTE ALL DEPOSITED SHARES AGAINST THE ARRANGEMENT RESOLUTION.