"unless IOC claims insolvency, in which case, the shareholder is thrown back into the main shareholder group with everyone else."
Partially true. If IOC claims insolvency then the dissenter has 2 choices:
1. Withdraw his/her dissent, which once dissenter does this implied consent by IOC is automatic, or
2. retain a status as a claimant against the corporation, to be paid as soon as the corporation is lawfully able to do so or, in a liquidation, to be ranked subordinate to the rights of creditors of the corporation but in priority to its shareholders.
The important point is that if upon notification of insolvency dissenter wants to obtain the offerered deal, he/she MUST withdraw the dissent.
I do stand corrected on your point regarding voting; agree that one could abstain from voting and still dissent. But if one votes Yes, he/she cannot dissent. Interesting if PM really thought the vote could be close enough that his No vote could swing the necessary % to voting the deal down. After IOC/Exxxon/BMO did the 2nd deal offer there was little doubt it would overwhelmingly pass. By assuring the deal passed it may signal that he knew IOC pps would tank and the whole crazy idea of IOC going it alone/surviving and getting a piece of any potential LNG plant really has no merit.
Partially true. If IOC claims insolvency then the dissenter has 2 choices:
1. Withdraw his/her dissent, which once dissenter does this implied consent by IOC is automatic, or
2. retain a status as a claimant against the corporation, to be paid as soon as the corporation is lawfully able to do so or, in a liquidation, to be ranked subordinate to the rights of creditors of the corporation but in priority to its shareholders.
The important point is that if upon notification of insolvency dissenter wants to obtain the offerered deal, he/she MUST withdraw the dissent.
I do stand corrected on your point regarding voting; agree that one could abstain from voting and still dissent. But if one votes Yes, he/she cannot dissent. Interesting if PM really thought the vote could be close enough that his No vote could swing the necessary % to voting the deal down. After IOC/Exxxon/BMO did the 2nd deal offer there was little doubt it would overwhelmingly pass. By assuring the deal passed it may signal that he knew IOC pps would tank and the whole crazy idea of IOC going it alone/surviving and getting a piece of any potential LNG plant really has no merit.