Yes you are right. The new supplementary bidder’s statement must go to ALL remaining holders (and presumably also the Eligible Shareholders, who accepted the Offer between 1 March to 9 April 2024, since they have the right to withdraw and would then be treated as shareholders who had been deemed not to have accepted, and therefore must also receive the statement).
A separate letter will go to the Eligible Shareholders (0.26%) who are allowed to withdraw. The TOP said that it has seen a draft of that letter and considers the draft letter to be acceptable; on my reading, the other holders will not receive that letter.It remains to be seen whether that letter must be posted on the ASX platform for everyone to see.
Bennamon has a bloody cheek.Tonight’s statement is astonishing for its arrogance. The bidder has just been bollocked by the TOP and told to rectify its communications, but you wouldn’t think so from what they are issuing tonight.
“We wanted* [!!!] tofurther clarify the key conditions… for delisting”
They did NOT “want” to clarify—they were forced to by the TOP.
“Separately, followingsome concerns rose with the Takeovers Panel about some recent disclosures [ieby us, the bidder!!!] … This is incredibly arrogant and patronising-- as if Manipur was a pathetic whiner for raising “some concerns”. Even the word “disclosure” is loaded, because it implies revelation of an objective, true fact, whereas it was actually a highly partisan and misleading play with weasel words.
“there would need tobe less than 150 other shareholders with shares valued $500 or more – we notethis test has not yet been satisfied.” They don’t of course say that that condition is currently failing by a factor of about 12 times, based on WT’s checks of the register. Note also that they insert the word “yet” to imply that it probably will be satisfied eventually, just a matter of when not if.Very misleading.
I can’t remember having read such arrogant commentary from a bidder, especially after the TOP has, in effect, found in Manipur’s favour- albeit that TOP will not now conduct (further) proceedings, since it has in essence ordered the bidder to comply with what Manipur asked for. This statement is a disgrace.I am surprised that the TOP has allowed it to go out. If RG can get away with this crap, even after the TOP intervention, he will probably feel that he get away with anything. Stand by for more deception, bullshit and bullying. Orwell would have been impressed!
(20min delay)