TCS
" Furthermore, I am concerned that if people choose not to participate in the group that will not receive the same information as the group. It really should not come down to one lot of shareholders against another which could very well happen here. Also I am unsure of the group voting patterns and whether there is individual choice on non take-over resolution voting."
Whenever there is a "vote" on anything to do with a company, you get sent out a document called a proxy form. ONLY if you have signed this form over to someone else can your vote be exercised by someone else. How is it that so many people do not understand this? It is always YOUR vote unless you sign the right over to someone else.
However, the ASIC guidelines actually state that any group of shareholders that are working together on a common goal, and agreeing to vote together can be called "collusion", therefore should be a substantial holder if the combined total is above 5% of all shares of the company.
It is therefore SAFER legally IMO to be a substantial shareholder with a declaration in the market should there be some type of vote for a take over bid. We are in fact colluding to vote AGAINST any cheap T/O attempt. Anyone else that is also participating in a like manner could also be seen to be part of that "acting in concert" so have a potential risk by NOT being part of the group.
People really should go and READ guideline 5 from ASIC in regards what constitutes a substantial holder and "acting in concert".
I would suggest that there are many here that would be voting against a "cheap" takeover.
We have not defined "Cheap" yet.
However if all the people were planning to vote against a "cheap" T/O then we are "acting in concert"
Possibly as a large vote, we can put a submission straight to the BOD that our intention is for them to NOT recommend a "cheap" T/O, BRFORE they vote on it.
Otherwise they need not worry about us.
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