ASX Today, page-40927

Hi WW

I can see your logic, but under the takeovers provisions there are many ways in which Hancock could move if they desire more exposure to LTR. The key to any successful takeover is always to achieve board recommendation. I agree with you that our board is very unlikely to recommend a takeover at a low price.

But that doesn't mean Hancock would be wasting their time. I would not be at all surprised to see them launch an unconditional cash takeover at a price of say $2.20 (just for example). Even without board support there would be large number of retail shareholders who would be attracted by that. I'm not saying I would, but I'm certain there are any number of new shareholders for whom that price would represent a decent capital profit and who would accept it.

It would probably get acceptances of 10%-15% more to add to their holding. Even if they didn't increase it to gain more I think they would be happy to do such a deal. They could of course increase the bid depending upon how many acceptances they thought they might get. There would be many options available to them without achieving 100%.

regards
DF