Dear WT—That’s good work. “So the question here is can...

Dear WT—That’s good work.

“So the question here is can thosecompanies and investors claim their shares back during these period if theychange their minds?”

YES – unless they sold on market to RG at 84.0c (or indeedto anyone else on market) in which case the trades cannot be unwound.

“However, I do have a concern that thosecompanies might have signed in to the bid offer. Even though, their sharesmight not added to RG’s account yet, but it seemed they might have been frozenin a pending account belong to RG’s (my guessing) waiting for the Take OverPanel's decision before transferring to his account”

NB the first TOPruling and today’s ruling apply only to off- market acceptances. The rulingswill not affect any trades that have gone though the market, either to thebidder or other people- those will not be overturned.

Re yournumbers. I assume that the register has a grand total of shares which must beidentical for every date of the register you look at (i.e. about 345m). If the grand total is unchanged, then the total of share reductions must equal the total of increases by all holders, when comparing 2 dates. Hence IF there is any secret suspense account held on behalf of RG, it must be somewhere on the register. You say “RG has only 300 414 465shares compared to what he announced )[ per the last 3Y] Apart from the discrepancy v the last 3Y of about 300 shares, that must mean that any such suspense account is NOT within the bidder’s stated holding. I.e. if there is such an account, it must be in the register under another name. The accounts that you mention exiting (at the end) show total disposals of about 490K shares. There were also net sales by Morgan Stanley by 113K. All these must – obviously- have gone either to RG or someone else. But RG was not allowed to process acceptances since 15/3- so they must either be held in an untouchable account (pending the final ruling of TOP) or gone to third party buyers—or both. It certainly hasn’t gone into any account beneficially owned by the bidder, because RG hasn’t issued a new 3Y. It is possible that some shares may have gone into an escrow or trust account controlled by an independent party like his lawyer pending a TOP ruling, but in which RG has no beneficial interest- I don’t know. That might be OK under the takeover law but such an account would have to be very carefully structured and strictly controlled so that the bidder and associates would have no actual or contingent ability to obtain any beneficial interest in the account. Anything less than that would be in contempt of the first TOP ruling.

All othershares must have been traded on market to third party buyers. You show the TIC directors increased by 168K and JPMorgan increased by 330K. But the combined Citicorp accounts also increased by 350K: the total buys and sells you show don’t match.

My broker showstotal on market trades of about 500K from 25/3 onward—but that figure mustexclude crossings as the movements you show above are higher than that. Do you or another poster have access tobroker info that shows all volumes traded on market - including crossings? That would confirm how many sales wentthough market, with the rest of the changes (if any) being off market transfers-presumably to the bidder. Since RG has not issued a new 3Y, and his numbers on the register haven’t changed, RG cannot have bought any on market since 25/3. He can’t have hidden any such trades n a nominee account because they would still have had to have been disclosed in a 3Y.

My guess isthat IF (and it's a big if) the bidder has established a suspense account for frozen acceptancesin the register, it’s likely to be hidden under the umbrella of one of the big nominees-most likely Citicorp or JPM or both.

However, forcontext on all this: any acceptances to RG coming after 15/3 are likelyto be very small. The 3Ys show 29 Feb-5 March inclusive 211K; 6-12 March inclusive 307K; 13-18 March inclusive 420K. The TOP interim ruling was published on Monday 18 March. Given the average daily flow rate before then there may have been 2 or 3 days worth of acceptances in transit over that weekend and 18/3, before the TOP ruling was issued on ASX and publicised more widely in the press. I’d be surprised if the number of share acceptances caught in transit was more than 300K= 0.1%.

Only myopinions. Not advice.