I am happy to re-post being more specific this time.
Also leaving out my unhappy experiences with the P.O.
Yes, in retrospect I was a bit too general.
I suggest that it is now time to be looking more intently at the closing date for the OZL offer because...
The Offer is now due to close at 7.00pm on the 14th June, 2018 (unless extended). 14 - 6 = 8 of which there are two weekend days and one public holiday (excl QLD and WA)... leaving 5 days. The 14th is a Thursday and not a Friday!
The date upon which over 50% is achieved will determine if the offer stays open for yet another two weeks.
refer to Para 13.2 re: Offer Period (Bidders Statement) above...
"If within the last seven days of the Offer period either of the following events occurs.. (2) Oz Minerals voting power in Avanco increases to more than 50%, then the offer period will be automatically extended so that it finishes 14 days after the relevant event in accordance with section 624(2) of the Corporations Act."
Whether it is seven calandar days, or ASX trading days, I cannot be sure.
I claim the right to disgree with those who call it as being over the 50% line already. Should that have been the case then the offer would need to have gone Unconditional.. and it has not.. (to my knowledge) ref 24th May OZL statement re: intent if 50.1% is exceeded.
In my opinion, timing is important when deciding on a correct moment for sending in an Acceptance.
Obviously that is not relevant or applicable if one has no intention of Accepting..
"How to accept" is explained in section 13.3 of the Bidders Statement
Some time ago I took mine in person to the Post Office, had it postmarked in front of me by the clerk and asked to see the postmark to ensure it was clearly readable.
The significance of my comment on the postmark (which I did not explain before) is to be found in the above document at 13.3 part (b) section 2.
The significance of Monday being a Public Holiday with most Post Offices closed and the need to have an Acceptances in 7.00pm Thursday is different for everyone, but I merely highlight those facts in case it may be of use to some. The above "How to Accept" sets it all out.
I can only say (the obvious) and that Target and Bidders Statements contain a summary of the Arguments For and Against Accepting. HC posts on the subject are fine and important, but nothing beats reading that factual stuff... in my opinion.
I hope that is helpful to some...
I reiterate that I believe the AVB Board and Management are first class. More than first class.
They have performed miracles in the last 8 years I have been with Avanco. With a pre-bid market price of 7.7c, AVB management have supported for shareholders a 17c offer and backed it up with their own Acceptances. It is at the discretion of shareholders individually if they accept, but the Offer is at least there. Nobody (to this date) have opted to over-trump that 17c.
As Megabills recently posted about making this Decision... "..that will require a clear head and not one filled with remorse and bitterness". I am quite happy to publicly acknowlege my agreement with that statement.
Cheers PP
AVB Price at posting:
18.0¢ Sentiment: None Disclosure: Not Held
