Ann: Notice declaring T/O bid Unconditional, page-6

so there we go.
DYOR
Get financial advice
I have no financial licence etc

so the L/B Notice did/said 4 things:
- declared bid Unconditional
- because of that I think bid is automatically extended by 2 weeks (not certain)
- declared bid price Final unless a competing offer appears
- declared a holding of only 20.69%

So imho, L/B and NHC are miles apart on price.
Now L/B cannot do a deal with NHC to agree on a price, because L/B has declared their price Final.
So the only way for L/B can get it hands on the NHC aprcel at a price higher than the 40c Offer price, is if someone ( incl NHC or a 3rd Party) lobs a higher price.
I think L/B cannot buy on market at a price above 40c at all.
So any sales above 40c have gone to parties other than L/B. And there were quite a few sales at 40.5c - then they disappeared, and all those sales at 40c would have gone to L/B!

It is my understanding that there are big differences in whether s/h sell under the terms of the L/B Formal Offer, or if we sell on-market (even if it is at the same price).

If we accept under a Formal Offer, then those acceptances are subject to all sorts of rules.
If we sell on-market (at whatever price) then it is simply just a normal trade, and independent of the Formal Offer.

Advantages of Selling On-market at 40c:
- Get certain price now of 40c
- get paid T+3

Disadvantages of Selling On-market at 40c
- we lose any chance whatsoever of getting a higher price in event of a competing bid.
- if L/B increase their offer as a result of trumping another bid, we do not get that higher price

Advantages of Accepting the current Offer of 40c:
- not much
- if there is a competing Offer, and L/B trump that higher formal offer with their own increased Offer, then our earlier acceptance would receive the higher L/B Offer price.

Disadvantages of Accepting the current Offer of 40c:
- if we accept into the current Offer of 40c, you cannot deal with our shares, we cannot withdraw our acceptances
- now that L/B Offer is Unconditional, all shares accepted under the Offer are kept by L/B
- we don't get paid until the Offer closes, and L/B I think can keep extending their Offer. Not sure how long
- if there is a competing offer, at a higher price than the L/B offer of 40c, then we do not get the benefit of that higher price, unless L/B increases its offer price. So if just say STO makes a formal offer of just say 45c, and L/B does not match it, then we are stuck with L/B payment of 40c per share. I think once L/B offer closes, and L/B pays us our 40c, then L/B could just accept the STO bid of say 45c (if the STO offer was still open)

Just a layman's view.

Look forward to hearing other people's views.

I intend to wait and see what happens.

I just find it difficult to understand why we should sell our shares at a paltry 40c, when Taylor Collison and others, value the shares at 86c.
And that 86c does not take into account any takeover premium, which historically is another 20%. (got buckleys of seeing that !)

So we may well be needing to take a view of selling at the burgled price of 40c on-market, or retaining our investment in a company with a real prospect of building a very profitable business medium term.

The Chinese have a much longer business perspective than us Aussies, and the worst L/B can do is end up with a big chunk of WCL business, at a bargain basement price of 40c.