Could you explain the options for a current Essential Energy Services shareholder with the agreement that was made by Essential to be acquired by Element Technical Services, if the amalgamation is approved and also if it is not approved.
ESN is being acquired but Element in a friendly takeover at 40c per share. The shareholder vote to approve the deal is Nov 7, and expected closing is Nov 30, but sometimes this can be delayed. So it is not yet approved but fully expected to be. There are no large shareholders who can block the deal (largest position is 3.7%). But, there is always a possibility of rejection, or another offer, but we would put both at low odds. Shareholders can vote yes or not at this point. If approved, investors can tender to the deal or not, but if Element gets 90% of the stock then the balance will be forced in at 40c regardless of one's intentions. There is a 'dissenter's rights' process on shareholders to object to deals, but it is a very expensive process and does not usually result in anything different.