It is my basic understanding that the "consortium" can only increase their holdings by 3% per six months under the creep provisions.
To do more than that they have to do a formal takeover with all the bells and whistles. Hence the reference to 86% in the JMS letter compared to the 72% in the formal 604's is interesting.
Without initiating a formal takeover and getting to 90% they cannot do a compulsory acquisition of anyones shares.
I'm no expert. DYOR.
53 mill trade, page-23
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