SCT - Scott Tech

[Snoopy]

Thanks Snoopy.
Clearly if Urquhart estate wants out it will vote for the JBS deal.
What does Oakwood being in suggest as to the way they will vote? Are they in to buy more at $1.39 (so, consistently, will vote for the deal), in to maintain their current holding (could vote either way), or in to put it up JBS (and vote against)?
Big volumes sold on market today, last day shares are cum div.

I am guessing as to Oakwoods position, apart from the fact they at least want to maintain their current absolute number of shares. Being the largest holder (12%), it seems inconceivable that they were not consulted re the capital raising. especially as we know that both the Urquart Estate and Fisher Funds (both 7.5% holders) definitely were consulted. JBS CEO Brent Eastwood, at the Roadshow, said that not all large shareholders were leaving, which by deduction (given there are only three) means that Oakwood must be staying.

Meanwhile the SSH on the market today shows that 5.21% of shareholders have already buckled and sold to JBS, conditional on the Scheme of Arrangement being approved. That figure can't include either the Urquart Estate or Fisher Funds for their complete holdings at least. If the 5.21% are all small shareholders, we might be looking at around 25% of all shareholders wanting out completely. That means a total SCT capital raising of around $40m. This will wipe out company debt and then some. But given the somewhat patchy or at least unproven nature of recent acquisitions, is this too much money to trust the company with? Capital return anyone?

SNOOPY