It seems a TO can only be on market or off market at any stage and can't occur at the same time.
The problem with a market bid is as follows...
So obviously would need substantial cash for an on market bid to proceed.
- "offers under a market bid must be for all the securities in the bid class, while an off-market bid may specify a proportion of the securities in the bid class to which the offer relates4"
In MCT's case would require circa $5m plus to aquire remaining shares at 3c.
It seems a TO can only be on market or off market at any stage...
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