I think RMS can make a takeover offer whenever they want. Any offer in the next four months has to be at least equivalent to what they have paid in that period ... that is the four months rule. That is no impediment ... who thinks an offer less than .92 would come anywhere close to succeeding?
Multiple TO offers would be problematic ... they have to be spaced by four months, otherwise those who accepted the previous offer are entitled to be topped up to match a subsequent improved offer. And at some point the 75% of available shares rule kicks in to push the threshold for compulsory acquisition over 90%. None of that applies here.
What RMS have done, so far as I can see, is remove each of the blocking stakes (which is 10%, if the 75% rule is not kicking in).
The most interesting thing for me is that Tembo appear to have retained a whisker less than 10% ... they wouldn't have to buy many shares to move back to a blocking position. Tembo if you're listening you can have mine for $2.
SPR Price at posting:
95.0¢ Sentiment: Hold Disclosure: Held
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