FFS so it's OK for MIN to disregard the rules of announcing to the market an increase of 1% by the following business day.
It basically shows what a toothless tiger ASIC is as they don't bother enforcing the rules that the rest of us small fish must abide by...
pg 73 under "Disclosures during a Takeover bid"
"When there is a takeover bid for a listed entity, if the substantial holding requirement is triggered during the bid period, notices must be given by 9.30 am on the next business day: s654B and 671B(6)(b). This applies to all substantial holders, not just bidders."
So if most of us here know, how come the lawyers or management at MIN don't know the regulations?? Simple answer is they do, but it was in their interests to not bother informing the market, and they are pretty sure that ASUIC will ignore this infringement like they do for most from the big end of town..
However if you or I were to do such an infringement as a minor player, you can be guaranteed they would throw the book at us!!
The SP of Warrego would have been higher if investors had known MIN was going after the 19.9%, if they had announced when they should have, so of course, bugger the rules, they didn't bother announcing so they could pick up more cheaply...
WGO Price at posting:
40.5¢ Sentiment: Buy Disclosure: Held
