re: Ann: NMG: Noble Accepts Revised A$85m Fin... This explains...

re: Ann: NMG: Noble Accepts Revised A$85m Fin... This explains what is going on:

The Australian - Noble's board feels the squeeze of Resolute's complex 'bear hug' strategy

Sounds like a very clever move.

Extract:
"Noble was left with no alternative than to come to terms with Resolute. Together with its advisers it has worked to firm up the details to make it legally capable of acceptance.

Resolute contends that its proposal is not a control transaction because it is not seeking shareholder approval, under section 611 (7) of the Corporations Act, to take its shareholding above 20 per cent of Noble without making a takeover bid.

While it's true that the Resolute proposal does not give it any board or management representation, it's almost certainly the case there will be a significant shortfall to the convertible notes issue, which means that it will become a significant shareholder and have its foot on potentially between, say, 35 per cent and 60 per cent of Noble. That is likely to act as a deterrent to any parties that may otherwise be interested in Noble."