Ann: Norwest Directors Unanimously Recommend MinRes' Revised Offe, page-310

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soltrader

155 Posts.

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27/01/23

20:28

Post #: 65917184
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Originally posted by jefferies2: ↑

One thing I would like to see clarified.

You say about buyers, other than MIN, that we may see them: "1. Selling later to MIN at a premium for profits."

IMO MIN is going to get well below the 90% it needs to takeover NWE. If MIN does not hold 90% it is going to take some months for MIN to buy NWE shares that allow MIN to reach a holding of 90%.

Why do I have this opinion?

I have looked at the following guide to ASX takeovers:

https://content.allens.com.au/the-allens-handbook-on-takeovers-in-australia/exceptions-to-the-rule/This clause is surely relevant if MIN gets even somewhat below the 90^(my emphasis) "Acquisitions of up to 3% every 6 months from a starting point above 19%. Note that a person who has acquired more than 20% under another exception must wait 6 months before it can make acquisitions under this exception."
One of the 'exceptions' previously mentioned is a takeover bid!

As I said, I doubt that MIN will have acquired anywhere near 90% of NWE shares when the takeover bid expires. Therefore it can't start buying more shares until six months after the expiry of the takeover bid.

It seems to me that the drilling due in the short term will be finished before MIN can even start a move to acquire more NWE shares.

I'll be happy to hear arguments against this opinion, or rather I'll be unhappy.

Expand

"Acquisitions of up to 3% every 6 months from a starting point above 19%. Note that a person who has acquired more than 20% under another exception must wait 6 months before it can make acquisitions under this exception."

Great find jeff!

NWE Price at posting: 7.1¢ Sentiment: Hold Disclosure: Held
12 Upvote

0 Great analysis

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