@sabine, I’m not going to bother arguing. An improved offer...

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whatsnext

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10/12/23

21:39

Post #: 71373551
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Originally posted by sabine: ↑

Maybe that SPC vote *is* locked in @whatsnext ..
From the SOA booklet (Page 19);

… “ASIC Regulatory Guide 25 (RG 25) in effect requires ‘market participants' to adhere to RG 25 compliant public statements.
A ‘market participant' includes a substantial shareholder in a company.

The Rejecting Shareholders (other than Standard Pastoral Company Pty Ltd (SPC), discussed below) do not fall within the definition of ‘market participant' in RG 25.
The significance of this is they are not bound by the requirements of RG 25.

Furthermore, it is not clear from the written correspondence received from the Rejecting Shareholders whether these TMT Shareholders intend to be bound by the content of that correspondence, particularly given the correspondence is identical in nature, contains a number of errors and was received prior to the public release of this Scheme Booklet (and the accompanying Independent Expert's Report).
On this basis, TMT has concerns that there is material uncertainty regarding the relevance and reliability of these statements, and that those shareholders may well be able to resile from and vote otherwise than in accordance with those statements at any time without giving notice to TMT.
As such, such statements should be viewed subject to that material caveat.

TMT notes that SPC is a ‘market participant' for the purposes of RG 25 because it is a substantial shareholder in TMT.
In TMT's view, it is not clear on the face of the intention statement received from SPC whether SPC intends to be bound by its statement in accordance with RG 25.
Further, SPC's intention statement is not in the customary form for such statements (which would ordinarily include a reference to an intention to be bound by RG 25) and was received in circumstances similar to those mentioned above (for example, in advance of receipt of this Scheme Booklet) and is in the same form as the statements from the other Rejecting Shareholders.
However, ASIC has advised TMT that, as a market participant, SPC should be held to its intention statement in accordance with ASIC's policy in RG 25.

Cheers

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@sabine, I’m not going to bother arguing. An improved offer means SPC can change its vote,

Last edited by whatsnext: 10/12/23

TMT Price at posting: 21.5¢ Sentiment: Buy Disclosure: Held
4 Upvote

0 Great analysis

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