Ann: Change in substantial holding from MIN, page-80

happy to be corrected here :...

the 10% you refer to, is 10% of the outstanding shares.
so according to that Top20 out yesterday, there are 6,950m NWE shares.
MIN has 5,063m or 73%.
So if they get to 90% ie 6,255m shares - then they can compulsorily acquire the balance of 10% being 695m shares held by that 10% minority.

Then, if 10% of those minority shareholders lodge a formal objection to the compulsory acquisition ie thus minority shareholders holding 69.5m shares, then MIN must take them through a court process.
In that process, MIN must provide the court with an independent valuation of the NWE shares.

Now I cannot recollect re the consideration being only in cash ____ BUT

I think there are TWO avenues re Compulsory Acquisition:
1. being compul acqn as a result of a takeover.
2. compul acqn as a result of achieving the 90% threshold outside a t/o.

I know that compul acqn outside a t/o is by way of cash consideration.

Geez - this brings back some unhappy memories!

And this could become relevant to NWE.

re (2) I had some share in a WA mining Trust. It was listed. It was a really good investment, paid good dividends, plenty of cash, distributed majority of profits.
BIG mining coy had like 50% of shares, another smaller mining coy had 40% of shares. Minorities had balance. I cannot remember how many minority s/h there were.
SO big coy t/o little coy - got their 90%, and then proceeded to compul acquire us minorities.
Heaps of s/h objected.
I objected to price, because the mkt sp was bugger-all, because the stock was so thinly traded, and the shares of the 40% holder never were available for trade on the mkt. So no Instos etc got the opportunity to invest in our coy.--- ie mkt price did not reflect the true value.

I was subpoenaed ( not exactly but similar) into court hearing, even though I objected to that. Big coy did that to intimidate us smaller holders. I did not appear, and big coy paid costs.
They got an independent Valuation, which exactly supported what big coy paid them for !!
But at least minorities had the opportunity to voice their opposition - ie a forum.

Re (1), I think if MIN get to 90% under a formal takeover, and are offering shares as consideration, then the 10% minoirty shareholders will not be paid in cash, but paid in MIN shares.
Happy to be corrected.

Of course, if MIN get to Compulsory Acqn, then the Delisting issue does not raise its head.