Dew,
Basically what this means is that the special meeting that was held back in Nov 2008, that approved the transaction with LFB, fulfilled the requirements of Chapter 110F — Section 1 subparagraph (a) and made them exempt from the 3 year requirement.
"(a) prior to such date the board of directors of the corporation approved either the business combination or the transaction which resulted in the stockholder becoming an interested stockholder;"
So a takeover / takeunder by LFB can occur at anytime.
Then the big unknown questions are "When", "How" and for how much?
Will LFB takeover immediately or will they hold off and try to get GTCB to tap into the Equity Markets for more capital?
If LFB exercises the conversion option of the loan and takes more seats on the BOD without announcing a takeover, then isn’t this an obvious signal that they plan on taping the equity market for more capital?
If so, then how much would they be willing to dilute themselves, or would they maintain an undiluted percentage?
What scenario would be most beneficial to LFB?
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