I am no expert on takeover law & compulsory timetables.
However, I know two things:
1) It is compulsory for a Bidder's Statement to be dispatched to shareholder's in the Target within 2 months of the takeover being announced.
2) There is a period of two weeks between when the Bidder's Statement is lodged with the Target company (and with the ASX) and when it can be dispatched to shareholders. This is intended to give the Target time to object to any of the contents of the statement if they are inappropriate in some way.
Now, the PLT / FER deal was announced on 17 April.
A week or so ago in a letter to shareholders, PLT advised that they expected that the Bidder's Statement would be dispatched to shareholders "this month".
However, the Bidder's Statement has not yet been lodged. Therefore, the clock has not yet started ticking on the two week time period prior to despatch. Therfore, it CANNOT be despatched THIS MONTH.
That is UNLESS there is a regime that allows for the 2 week timetable to be shortened on the approval of FER. This could be the case - I just don't know.
Still, the following comments apply:
1) PLT had better get its skates on if it is to satisfy the statutory OBLIGATION to follow through with a bidder's statement within the 2 month timetable.
2) It is looking pretty unlikely that anything will be in the hands of shareholders this month. . . .UNLESS there is a process under which the 2 week review period can be waived.
FOOD FOR THOUGHT. . . .. and MAYBE A QUESTION FOR THE FLOWER POT MEN>
gotto go. . . . there is a mermaid waiting for me in the fish pond.
PLT Price at posting:
11.0¢ Sentiment: None Disclosure: Not Held
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