Ann: Change in substantial holding from MIN, page-57

I received one of those calls and called them out over the omission by not clarifying on their own accord how the 7.4c had changed.

I also told them the equation should have been based on the MIN share price at time of the initial offer of $82, not the then $95, and the NWE directors were totally remiss in their negotiations by allowing MIN to use $95 and not the original $82.

If market expectations of MIN's HY are not met accepting NWE shareholders could well feel duped - and the NWE directors would clearly have known the MIN HY was also imminent.

Certainly happy sitting on the fence until the MIN HY is out there and the market reaction known.

MIN will know what their HY is to be and will have known for some time and will likely be more than 10% up on PY but have not flagged a range to the ASX. Accepting NWE shareholders are really flying blind with the MIN share price and NWE directors should have stuck up for them more - particularly all the long-termers. Personally, I have been here 10 years or so.

There has got to be an ASIC/ASX investigation into the amount of performance rights given out by directors to themselves as well. The more given the more directors judgements can be clouded in terms of looking after shareholders in takeover situations.