Interesting from ChatGPT... Warning it is not always...

Interesting from ChatGPT... Warning it is not always right.

ChatGPT did come up with examples where a new company (MIn in this case) during the scheme of arrangement went from small shareholder to just under 20% and went onto bid in takeover

....but couldn't find an example where the new large shareholder just stopped, wthout triggering a takeover bid. IN MIN's case dont see why they would stop, time is ticking.

This quoted statement from maybe misleading, so happy for others to counter... from ChatGPT

"

I'm not aware of a specific example where a scheme of arrangement was blocked by a company's share purchase, but the company didn't proceed to a takeover. However, it is possible for a company to acquire shares to block a scheme of arrangement and then not proceed with a takeover for various reasons, such as changes in market conditions, regulatory hurdles, or strategic considerations.

In general, companies may purchase shares in a target company during the scheme of arrangement process for various reasons, such as increasing their stake in the target company, blocking a rival bidder, or obtaining a better bargaining position in negotiations. However, it is important to note that companies must comply with regulatory requirements and disclosure obligations when acquiring shares in a target company during the scheme of arrangement process.

If a company acquires shares in a target company to block a scheme of arrangement, it may face regulatory scrutiny and potential legal action if it breaches regulatory requirements or engages in market misconduct. Therefore, companies must carefully consider the legal and regulatory implications of their share purchases during the scheme of arrangement process.

I am sure MIN are following the legal requirements. It is just it doesnt seem to happen very often, if at all?