Yes, it HAS to be the register date. I can't understand how it...

Yes, it HAS to be the register date. I can't understand how it works any other way. The two SP's may be tied, but there are discrepancies on some days.

For example.
Yesterday NWE closed at $0.056. MIN closed at $78.49
So if you have 100,000,000 shares in NWE, your portfolio is worth $56,000.
But if you accepted the offer at 1:1300, then you get 769 MIN shares, worth $60,358.

And MIN pick up more %. So they call their mates to tell them to buy in, and then accept when the numbers work.
There is no way that would be allowed (or legal) with this bid.