Q: On Gear: I understand that 82% voted for the Gear Energy sale, and the new company Lotus. Does Gear have a timeline, for settlement with the shareholder. As an example, if one has 1000 shares, how would the settlement happen, how much cash would one receive, and how many Lotus shares ? When will Gear be delisted ? Given the poor deal that was struck by Gear, I have trouble believing 82% voted for the deal, but that is another topic, for another venue?
5i Research Answer:
The deal closes today, and GXE is delisted already. Lotus shares LTC should start trading tomorrow. If no election was made, shareholders will get half of 60.7 cents cash and half of 0.3035 LTC shares for each GXE share. It may take brokers a day or so to reflect this in client accounts.