Ann: Norwest Directors Unanimously Recommend MinRes' Revised Offe, page-333

  1. 8,774 Posts.
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    I would imagine that if MIN only managed to reach 75% shareholding in NWE at the close of T/O, that they would meet all the criteria required to delist NWE.
    If they only reach 75% shareholding in NWE at the close of bid, that means there are monority holdings representing 25% of shares on issue - thats a meaningful number.

    Above states there needs to be at least 150 shareholders each holding a minimum parcel of $500 worth of shares.
    So $500 is about 7,150 shares - that's all.
    At last A/R there were 6,700 shareholders.
    There were 3,777 shareholders with 100,000 shares or less.

    So it is a good bet that there would be way more shareholders than 150 if MIN only reached a 75% shareholding.

    If you don't want to sell, then just hang in there.

    ****************************

    (However, from experience, IF (big "IF") MIN declare that they have got 90%, and will Compulsorily Acquire the outstanding 10% of shares. then do not wait to be compulsorily acquired - just accept the bid. The reason is, if you accept into the t/o, you get paid quickly. However, if you wait for MIN to compulsorily take your shares, then you end up waitng ages to get paid. I think they have to go thru the whole Comp Acq process, before they pay you out).
 
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