TTH - I stand by my comment re date of bidder's statement.If you...

TTH - I stand by my comment re date of bidder's statement.

If you announce a takeover offer, then the offer has to be in the hands of bidders within 2 months. That date is 17 June.

However, the document has to be lodged with the target and with ASX two weeks before it is despatched to shareholders.

This is the case as in situations that are not 100% friendly the target gets a chance to take action - usually in the Takeovers Panel - to clear up any problems with the Bidder's Statement.

I am not aware of there being any opportunity to reduce this 14 day period. But it COULD BE that this is a possibility. I would be surprised.

Therefore - by my reckoning - as of tomorrow morning PLT will be in breach of the Corporations Act.

However, this is the assessment of a well-informed layman and keen watcher of takeovers rather than a technical expert. It is just possible that there is some carve-out at play that I am not aware of .