With us today is Frank C. Smeenk President & Chief Executive Officer of KWG Resources Inc. Mr. Smeenk discusses recent conversation with Noront Resources after proposed acquisition of Cliffs Chromite was announced.
Now that we're getting closer to the end game here, I was wondering exactly what happens once the back-in/buyout occurs?
IF/When Tech backs in for 75%, and assuming that they also strike a deal for the 25% remaining... how do we go about exchanging our shares for the "agreed upon price?"
Do my shares in my account just... errr.... disappear(?) with the appropriate amount of cash or TCK shares showing up in my account?
Or, IF the buyout price is $5 (arbitrary!! no I am NOT giving my opinion on the buyout price), do I have to then set up a SELL order at $5 per share?
Do I have to fill out paperwork as a shareholder, and then I can get my money upon filing the paperwork?
What if the agreed upon price is $5, but the current share price is $5.10? Is there a mad scramble while people try to sell and keep that extra ten cents?
I've never held stock for a company that has been gobbled up by another entity, so I'm not sure exactly how to go about exchanging my shares for the currency agreed upon (be it $$$ or TCK shares or some mixture thereof).
Haha, what I DO know is that I don't want to be the only guy holding on to shares when I should have been scrambling to trade 'em in for "whatever we get."
Edit: Edited to prove that I know about grammar and stuff!