Theyre extending, because when the people rang Shareholders and asked them for reasons, many shareholders said they want a better offer, too low, etc etc.
So these guys collated the responses and the info that MIN got back was that SH are holding out for better offer.
So MIN has taken that feedback on board and is holding their hand up to our face - by sending a note saying offer is FINAL as to consideration. ie. they will not increase their price, so as to force SH looking for increase in offer price from MIN to abandon this hope, and hopefully for MIN -
SELL into the current offer. Thats why it is sometimes best not to talk to these guys. The more you talk, the more info you give them and they use it against you.
Reiterating what others here have said...offer is final as to consideration i.e. final as to how much MIN shares they will give you - it is not final as to extension of time.
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I have a strong suspicion they will keep the offer open, so as to try to get to the 80% - to appease their mates who are on the hook for Cap Gains Tax if they dont get to 80%. Don't underestimate this as a motivator.
- The only way they can get the CGT relief is if the CURRENT offer gets to 80%.
- If it does not, then they pay the cap gains tax and then pay some provisional tax on top for the year after.
- If the gains are modest, then this is not a big deal.
- But for those that have made gains of $1M-$20M - its a fair chunk of change they have to cough up - and they probably will be rubbing shoulders with each other on the boat @SomeCents mentioned - disgruntled at having to pay the tax...
Apologies if Im upsetting those on here who accepted, but the bunch of people that made the big bucks will not be happy that they will have to sell some of their min shares or find money from somewhere to pay tax on their gains, having accepted the offer. Included is the $20M capital gain made by all those mates that bought into the CR of April 2022. So thats why Im suspecting MIN will try their utmost to get to the 80%.
Given it has stalled here at 72% - it means that MIN c
an not even consider to make an application for delisting - not having hit the 75% mark. It is important for people to understand this is a key achievement and one that would be key to hold.
Also notable is the diminishing use of "coercive" language in their statements - someone must have had a word to them and they have toned it down.