I am amazed at each day that the Takeover Charade is allowed to continue.
There is no way on this earth that the bidder's statement can be in the hands of shareholders by 17 June. Yet this is what the law requires and what PLT has communicated in its most recent asx release on the subject.
The earliest date would now be 25 June.
In almost 20 years of watching almost every corporate transaction that takes place on ASX I have never seen this situation unfold.
[That is not to say that there haven't been some strange bids announced that never came to anything. There was some spiv who tried to bid for AEP a couple of years back in a highly complex structure that was ultimately abandoned with ASIC's blessing. And there was a genuine nutter who announced a bid for Telstra that got five minutes of press about five years ago but clearly never had financial capacity to follow through].
However, I have NEVER seen a company as reputable as PLT fail to satisfy the 2 month rule for getting the offer into the hands of target shareholders.
Does anyone know what's going on??
PLT Price at posting:
10.0¢ Sentiment: None Disclosure: Not Held
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