Ann: Change in substantial holding from MIN, page-138

Hi mate

I'm not planning to get into an argument here, but I am 99% sure that MIN cannot buy shares on market during their scrip takeover offer.

If you look at the latest SSN, they acquired all their shares pursuant to the Offer (i.e. scrip only). I haven't checked all these notices for this, but the latest one is pretty clear.

In saying that, some pip traders may see value in trading NWE shares at the margin of the (i.e. buy NWE shares, accept the offer, sell MIN shares at a small profit and rinse and repeat) This is where the turnover lies, IMHO, and is always an attraction for some funds.

I hope this helps

AL