Ann: Amended Change of Substantial Holder , page-6

Maybe the people writing to ASIC or ASX should be the 10-12% of investors who have already accepted LG’s offer (excluding all the Pre-bid Agreements) in good faith. Unless the offer is withdrawn or doesn’t pass the special conditions then its extremely difficult for them to get their SBL shares back.

Since they accepted the offer LG has announced significant losses and as recent as yesterday where getting a please explain from the SGX.

http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_EF0027501EBEF17F482579AB002E3579/$file/Response_to_SGX_queries_3Qfinancial_21Feb2012.pdf?openelement


Also this clause appeared in a release from Feb 15 on the SGX ….

Lastly, the Company wishes to announce that the Implementation Deed dated 13 October 2011 between the Company and SML has been varied. Previously, under clause 7.2(b) of the Implementation Deed, either party may terminate the Implementation Deed by giving notice to the other if the Takeover Offer has not been freed from all Offer Conditions 4 months from the date of the Implementation Deed, ie, on or before 13 February 2012. This clause has been deleted and replaced with “on the date 6 months from the date of this Deed the Share Offer has not been freed from all Offer Conditions”. The effect of this variation is that, if the Takeover Offer has not been
freed from all Conditions by 13 April 2012, either party may terminate the Implementation Deed.


http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_4B26C5EC918D11B1482579A50036A36C/$file/Annct_Update_Circular_15Feb2012.pdf?openelement


It’s all very well saying that these shareholders will be available to participate in a revised offer, but there may not be a revised offer the way this is panning out.

LG have clearly stated that even if they don’t get 50%, that they will still seek to gain control of the board. As long as they have control then there’s no need for them to offer more under the no minimum acceptance criteria.

Those that have already accepted the offer look like getting their LG shares within 3 weeks of the offer becoming unconditional, whenever that is.

Add to that the blatant lack of disclosure that unfolded last week and its these shareholders who are most likely to feel mislead and trapped.

Btw – Dato has also been buying LG shares on market in recent days.