From the Karaoke Harry announcement dated 10th October we have:
"On 10 May 2011 CGNPC Uranium Resources Co., Ltd. ("CGNPC-URC") announced the
withdrawal of its possible offer for Kalahari (that was announced on 7 March
2011). As a consequence of the announcement of 10 May 2011 CGNPC-URC was bound
by both the restrictions of Rule 2.8, save for certain reservations detailed in
that announcement, and of Note 2 on Rule 2.5 of the City Code on Takeovers and
Mergers (the "Code").
As a result of CGNPC-URC's announcement on 10 May 2011, under Rule 2.8 of the
Code CGNPC-URC is only permitted to announce an offer for the Company before 11
November 2011 with the agreement or recommendation of the Board of Kalahari,
unless any of the other reservations contained in that announcement release
CGNPC-URC from the restrictions of Rule 2.8 before 11 November 2011.
Following recent press speculation, Kalahari confirms it re-commenced
discussions with CGNPC-URC and agreed to release CGNPC-URC from the
restrictions of Rule 2.8 while these discussions are ongoing, with the
intention of reaching agreement on a recommended offer for the entire issued
share capital of the Company.
However, these discussions may or may not lead to an offer being made.
Since more than 3 months have elapsed since the announcement by CGNPC-URC of
the withdrawal of its possible offer, CGNPC-URC is no longer restricted by Note
2 on Rule 2.5 of the Code, to make an offer on the same or better terms as
those in the announcement of 7 March 2011, and therefore there can be no
certainty as to the terms of any offer should an offer be made.
In view of the fact that CGNPC-URC remains subject to Rule 2.8 of the Code
until 11 November 2011, the Panel Executive has agreed that the 28 day deadline
normally imposed by Rule 2.6(a) of the Code shall not apply at this stage."
Given this, my read is we might see an announcement of a T/O which has the support of the KAH board, or, we might not, but could see CGNPC put an offer in without KAH support sometime after the 11th?
tick tick tick tick. . .
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4 days until we might see an offer?
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Price($) | Vol. | No. |
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