Researching where things might go from here, found some small comfort on the ASIC website in Regulatory Guide No. 10.
RG 10.91 Because general compulsory acquisition applies whether or not a takeover bid has been made, the procedure to be followed includes additional protections for minority shareholders:
(a) the 90% holder must have a ‘full beneficial interest' rather than a relevant interest to meet the 90% threshold (s664A);
(b) the 90% holder must offer a cash sum (s664B);
(c) the 90% holder must provide an independent expert report addressing whether the consideration is fair value with its compulsory acquisition notice and (to the extent not covered by the expert report) include disclosure of any other information material to deciding whether to object to the acquisition (s664C(1)); and
(d) if holders of 10% or more of the securities covered by the notice object to the compulsory acquisition, the 90% holder must apply to the court for approval of the acquisition, and bear the cost of court proceedings, if it wishes to proceed with the compulsory acquisition (s664F).
RG 10.92 Further, in contrast to post-bid compulsory acquisition, if court proceedings are commenced, the onus is on the 90% holder to establish that their offer represents fair value: s664F(3).
NDO Price at posting:
3.7¢ Sentiment: Hold Disclosure: Held
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