LIT has until 6 April to instigate their TO. They can't pull out because it is an offense. They can't offer less than they have. They can offer more. So we have 6 more weeks of this market manipulation of both stocks. Trying to cap LPD and propping up LIT.
""The timetable for giving information to shareholders in an off-market bid is set out in s633.
7 A bidder must lodge a copy of the bidder's statement and the offer document with ASIC. The bidder must also send a copy of the bidder's statement and offer document to the target (and, if relevant, the market operator of the market on which the target's securities are quoted) either on the day it is lodged with ASIC or within the next 21 days. The bidder's statement must then be dispatched to target shareholders during a 3-day period within 14 to 28 days after the bidder's statement is sent to the target.
The target must then dispatch a target's statement to the bidder no later than 15 days after the target receives a notice from the bidder that all the bidder's statements have been dispatched.
General and specific disclosure requirements apply to bidder's statements
8 and target's statements.
9 Where the bidder's existing voting power in the target is 30% or more (or there are common directors), the target's statement must be accompanied by a report from an independent expert stating whether, in the expert's opinion "
the takeover offers are fair and reasonable" and giving the reasons for forming that opinion.
10
Division 4 of Chapter 6 requires supplementary bidder's statements or supplementary target's statements to be prepared in certain circumstances including (a) where the bidder or target, as relevant, becomes aware of misleading or deceptive information or omissions from their respective statements or (b) if a new circumstance arises that is relevant to security holders' decisions whether to accept the bid.
Persons involved in the preparation of the bidder's and target's statements are subject to civil liability under s670B for any misleading or material omissions. Defences apply under s670D.""
With the court case in May, LIT's TO is going to be sooner than later.
(20min delay)