Thanks gc2016. I hear your argument. This won't happen.The...

Thanks gc2016. I hear your argument. This won't happen.

The NTU/ILU agreement announced 26 October 2022 has ILU subscribing for shares, a convertible note and a put/call option ultimately delivering 21.6% of NTU 's then enlarged capital to ILU. The parties have agreed to deem ILU with 19.9% of NTU in the meantime, with ASIC's blessing.

So if ILU buys any shares on-market, this will oblige ILU to make a full takeover offer for all NTU.

That would not be an arms-length transaction. There are high level negotiations underway with the US government, the EU, the Japanese government and the Australian government about financial support and off-take agreements, all shrouded in secrecy on opaque 'national security' grounds.

The negotiations involve both ILU and NTU, and ILU enjoys privileged access to NTU's position - even though it currently only owns ~6%.

This is not an informed market and NTU holders would have good grounds to sue ILU should it attempt a takeover at this time.

Further, the NTU AGM to ratify the ILU subscriptions and 1-25 share consolidation has been deferred four times and remains unconfirmed by NTU holders.

(I wonder whether the named divestees get an AGM vote 6 June??)

So, no ILU takeover and divestment will likely have to be on-market.

This is a shambles.

Ash

ps I welcome dissent or additional insights