I decided to bale on 100,000 NWE held in super. Before baling though I did a calculation and saw that 100,000 divided by 1,300 = 76.923 MIN shares.
Checked the bidder statement and found that acceptances are rounded down, so will actually receive 76 MIN and lose 0.923 MIN, which at $87.00 = $80.
So, being the cheapskate I am I sold 1,200 NWE on-market earlier and received $0.0625 (went through as a CX) = $75 less $10 Nabtrade brokerage = $65. My remaining 98,800 NWE divided by 1,300 = exactly 76 MIN (with no rounding-down loss).
Then, I thought since MIN will take whatever is in your account no matter what is stated on the acceptance form I cancelled an existing buy order for NWE for 100,000 at $0.052 and bought another 98,800 NWE at $0.63 (whereas market conversion for MIN is around $0.067. Difference is around $400 less than market for MIN currently (although need to remember MIN is cum div $1.20 plus franking = $1.70).
Based on my reading of the bidder statement the registry will make the adjustments for today's trades when processing the acceptance.
Not for everyone I guess.. Expect offer will get extended another two weeks but not going to wait for that and cautious that MIN now control NWE and can dictate events. I will look to sell some MIN post-offer and if NWE SP reduces to below offer will consider buying some back on-market as I am extremely annoyed this offer was made in the first place and that MIN have pulled the rug out from NWE shareholders.