Well, if it is RIO taking a bigger stake in KAH they should have made a further announcement by now. As we've discussed before there must be a third party involved either colluding with RIO or buying their own book.
I've run through the AIM takeover rules here previously so I won't bore you again, except for this reminder...RIO will be obliged to make an offer for the whole company once they achieve a 30% holding of the merged entity. An easier hurdle than under the Australian rules I believe.
As for the recent press articles and presentations. Why now?
Is Peter Mac urging his own small shareholders to sit tight? Is he also trying to attract other small investors to buy with a view to holding for a RIO takeover (thus reducing the free float and raising investor expectations on price)?
M
todays australian., page-15
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