Thanks. I doubt that ASIC has taken, or will take, action, as...

Thanks. I doubt that ASIC has taken, or will take, action, as BDT’s market cap is tiny at $8m. It’s also unlikely that ASX made BDT do this, since it had already given in-principle approval to delisting and it didn’t impose voting exclusions. If BDT has beencompelled to make these changes- whether by ASX or ASIC (or by TOP) - that would surely have warranted an ASX announcement by now. The tiny market cap would also make it unlikely that anyone has asked the Court for urgent intervention.

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If someone has applied to the Takeovers Panel (TOP) to intervene (the only feasible one of the 4 possibilities for external intervention), that would also have warranted an announcement. In any case, although TOP is efficient, it wouldn’t have been able to make a formal decision so soon. My guess- in the absence of a formal announcement today- is that BDT’s board has become aware of shareholder anger and taken this action voluntarily to spare itself later embarrassment. If so- good- but they were silly (and arrogant) to put themselves in this position. I am surprised that BDT’s lawyers let BDT issue the original NOM/ EM with its very poor treatment of minorities. They may have felt that, technically, law and regulation (just) supported BDT’s stance but that would have been a bold call.

Not advice.