The important aspect of the Second Supplementary Target's...

The important aspect of the Second Supplementary Target's Statement ("SSTS") is to be found towards the end, isn't it? I'm happy to stand corrected by the members, but this is my understanding of why the floated capital raising is important for EMR.

As per the Takeover Panel's Orders dated 5 October 2023,

In today's SSTS,



As I understand it, s606 of the Corporations Act 2001 prohibits a shareholder in a listed company who owns more than 20% of the shares, but less than 90% of the shares, from increasing their relevant interst in a company unless they make a takeover move.

Section s611 of the Corporations Act allows certain exceptions to this general rule.
Exception 10 is,


This means Bullzeye will have a fresh raising after the current offer closes in which all its shareholders can participate. We know that EMR owns approx 78.05% of BE, so should the BE holdouts fail to participate in the entitlement offer, they will be diluted.

We know that the Supplementary Target's Statement as required by the 5 Ocotber 2023 Orders must include,


And,


It is not difficult to conceive that the independent expert's report will be finalised shortly given the 3 names were to be provided by ASIC to BE, and the report was to be finalised within 3 months after the date of engagement by BE.