Ann: Norwest Directors Unanimously Recommend MinRes' Revised Offe, page-315

Altogether MIN now owns 20.99%. It has to get to 90% to takeover NWE.


it needs 90% to compulsorily acquire all remaining shares. If it gets to 50% +1 it controls it . If they get 35% - 40% it may be able to get effective control - remember Kerry Packer controlled Nine after he converted outstanding debt from Bond which resulted in a 38% holding. If this occurs don’t expect any favours from MIN. If you examine some recent history with EMR / bulls eye takeover they got 62% and have embarked on a rights issue to fund bulls eye operations, rather than borrow . They have also flagged more rights issues for the minorities.

not saying it will happen but something everybody needs to consider.