Ann: Registration of Scheme Booklet, page-60

well it takes two to tango and KDR should not have agreed to such covenants in the first place as i think you will agree. They may never be tested but they could be attacked if the WES plan unravels with a rival bid. As far as what law applies I would think that s16(1)(d) would apply as the term "valuable consideration" in that subsection could mean even a promise to scratch their back if they scratch WES's back. I do not believe that UBS would be doing this because they love WES and support them like they would the Roosters. If they are buying shares to assist WES in some way it will be for some advantage and that is likely to be consideration and they could then be considered an Associate if they vote in favour of the SOA, then the clauses you quoted would be breached. Technical legal arguments aside, I am still of the view that some person or persons not associated with WES believe that an increased bid is at least 50:50. If it happens, as @Mainy 66 has said, it has to happen very soon. Monday might be a good day.