My understanding is if AMER want to take an initial position...

My understanding is if AMER want to take an initial position bigger than 19.9% in NTL they will need to get an exemption from the NZ Takeovers panel. After that if they increase their position to 90% through on market purchases they could compulsorily acquire the whole company if desired. (DYOR - This needs confirming)

In the current environment an offer valuing NTL between 50 and 100 million wouldn't make me fall off my seat with surprise... This would offer a 5-Disallowed return from the capital raise price..

Even if the deal isn't accepted it is going to create a lot of interest and a re rating from the current market cap which is sitting not that far above current cash holdings!!