Bhushan are taking up their rights @ @.5X their shareholding, and they currently hold 73.6% of BWN, or 60,127,689 shares. Can anyone do the maths and tell me if their participation will lead them to the 90% compulsory takeover threshhold? (My maths is not so good).
They would also hope some sell their rights so they can buy the small holders out, or dilute them to oblivion. The next big holder after Bhushan is Citicorp with 6.68% or 5,455,000 shares. After that, it's HSBC with 1.22% or 1,000,623 shares.
BWN Price at posting:
2.8¢ Sentiment: None Disclosure: Not Held
