Nexus Energy's proxy advisers will this week be attempting to convince dissident shareholders blocking a $27 million Seven Group Holdings takeover to change their vote.
Proxy votes for more than 25 per cent of Nexus' shares have been cast against the 2ï¿½ a share offer, when more than 75 per cent is needed to endorse the bid.
Nexus has said a rejection of the Seven Group bid would result in the company being put into voluntary administration, eventually delivering control of the oil and gas junior to Kerry Stokes' company as its biggest secured creditor.
Proxy adviser GPS will be contacting significant shareholders in an effort to change their minds. Proxies must be changed before 9am tomorrow or by voting in person at Thursday's shareholder meeting in Melbourne.
The Don Voelte-led Seven Group is understood to be sticking with its stance of refusing to raise the price of the bid. SGH has told Nexus it would withdraw financial support if the bid failed.
"The proposed scheme provides certainty to equity holders," a Seven Group spokesman said.
Biggest Nexus shareholder Andrew Greig, a Bechtel senior executive with a privately owned 10.6 per cent stake, is believed to be among those opposing the sale.
A member of a group of five small-lot shareholders against the bid said they were doing so as a matter of principle. "Our members have still indicated that they are going to vote no," the Nexus Battle Group spokesman said.
"Our intention is, once it goes into VA, to understand what's transpired over the last 12 months that led to this current situation," he said.
The spokesman said the investors would prefer a higher offer from SGH or a competing bid. "I don't think voluntary administration works for either party."
The group has raised concerns about Mr Voelte's role in the proposed transaction, given he was Nexus' chairman until February.
The spokesman said the current offer was a 66 per cent discount to Nexus' 5.9Â¢ share price before a trading halt in February that led to the SGH offer.
An independent report by Deloitte Corporate Finance has called the 2Â¢ offer fair and reasonable, valuing the target at just 1Â¢ a share. The report said the shares would become worthless under a corporate liquidation.
Analysis conducted by a member of the Battle Group who is a quantum physicist has valued Nexus' worth at 9Â¢ a share.