buying, page-6

NZRugby,

Substantial holders must advise the mkt via a Form 603 "Becoming a Substantial Holder" when they reach a 5% holding in a stock. Form 605 "Ceasing to be..." when they slip below 5%.

They must also advise the mkt with a Form 604 if their holding varies by 1% from their last notice (players holding 6% or more).

A takeover offer must be made when an entity reaches a 20% holding in a Co., although that requirement can be waived if t/o is not the intention...eg, OEL's two largest s/h's own more than 21% ea.

NDO current Issue 1,389,169,151
1% = 13,891,632
5% = 69,458,158
20% = 277,832,630

IMO, NDO does not have enough certified reserves (Galoc) to be considered a t/o target for a large predator...unless Shell saw someting in the Gindara results that slipped by NDO, but that is unlikely.

The current sp is probably perceived as a very good entry point for a large s/holder/s...NDO has a history of having some very big holders who eventually pack up and move on...Oppenheimer, Ward Ferry, Morgan Stanley, and Merril Lynch would also have fitted the bill if they didn't sell as they received!

Perhaps we may see another one some time.