Only 2/3 votes who votes on Voting Day is required. As is in any case most small holder will sell on market take their cash and say thanks.
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CVR Lollipop is too lucrative for Insto. Vast majority of Inter Oil shares are helped by INSTO. CVR helps to spread their profit into two years and risk is passed to CVR holders which will be listed as separate identity on ASX or New York or Both.
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Any counter bid will be blocked by PNG Government. PNG Government will end getting 20% stake in Ppua LNG at free. Why would PNG Government allow a counter bid ?
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In short, it is Done Deal.
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OK Free Service..
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Greed drives Insto in long term holding. There is no better way to keep them happy than a Lollipop.
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Oil Search Estimate is around 5.8 tcf gas in Elk's i.e. Inter Oil Gas Fields. Interoil Estimate (wild guess, no systematic study) is twice of that i.e. 11.2 tcf gas in Elf Fields. (as Yanks loves to double everything )
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So what Oil Search has done separated Resource part from the Take Over. If gas is less than 6.2 tcf, Inter Oil Share holders gets a CVR( Hollow Lillipop)
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If gas is above 6.2 tcf, Inter Oil Share Holders will get US$0.77cent/mcf of extra gas as Reward in form of CVR. CVR will be listed on ASX & probably on New York exchange too.
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My estimate is Lillipop (CVR) will turn just a plain Lollipop only.
