Clause 3.4(b) of the Scheme. "Subject to clauses 3.4(c) and 3.4(d), if the parties are unable to reach agreement under clause 3.4(a) within 5 Business Days after the date on which the Consultation Notice is given, then, unless: (1) the relevant Condition Precedent has been waived in accordance with clause 3.3; or (2) the party, or in the case of clause 3.3(c), each party, entitled to waive the relevant Condition Precedent in accordance with clause 3.3 confirms in writing to the other party that it will not rely on the event or occurrence that would or does prevent the relevant Condition Precedent from being satisfied, either party may terminate this deed without any liability to the other party because of that termination."
So no break fee would be payable ....... But there is also an additional clause which allows the bidder to go to Court to enforce the deal if shareholders reneg.
Unlikely the Court will enforce the deal in these circumstances given the third party (ATO) actions/decision.
PPT Price at posting:
$19.99 Sentiment: Hold Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)