Yes thats my understanding. They would be considered associates, and therefore treated as a single entity.
Also i understand 20% is their limit as per the corporations act. Currently their ownership would be >13%. By having another third party associate, they can accumulate without disclosure. Cooke and Williams are above 5% each, so they need to disclose any new acquisitions.
Its also worthwhile to note that any shares bought would set a minimum for a bid price for 4 months. So if they pay >$4.85 then they would need to up their bid. I doubt they would do that. If they did, then no doubt they would buy a large chunk to get to 20%, which would necessitate an increased bid. Watch this space.
TGR Price at posting:
$4.85 Sentiment: Buy Disclosure: Held
