REASONS FOR PROPOSING RESOLUTION The directors consider that Shareholders should have the opportunity to vote on a proposed proportional takeover bid. Without the provisions, a proportional takeover bid for the Company might enable a bidder to obtain control of the Company without Shareholders having the opportunity to dispose of all their shares or dispose of their shares for an adequate control premium. The provisions give Shareholders the opportunity to decide whether a proportional takeover bid should proceed. If it does proceed, individual Shareholders can make a separate decision as to whether they wish to accept the offer for their shares.
5.6 PRESENT ACQUISITION PROPOSALS As at the date of this Explanatory Statement, none of the directors are aware of a proposal by a person to acquire or to increase the extent of a substantial interest in the Company.
Then why do it? Clearly its a defense strategy which must mean someone has hinted at doing it hence the need for a defense
RIA Price at posting:
18.0¢ Sentiment: Hold Disclosure: Held
