Riskon22 - my understanding as the bidder statement stands, is that if they do not get 90% they can just walk & no one gets paid anything.
They also have the option of getting say 50-60% & going unconditional on that % ownership. They then have a majority holding/vote & can call what ever tune they like. They can then make another offer, higher or lower depending on how they 'play' the shareprice once they have a majority holding, to mop up remaining shareholders.
Once they have a majority holding they basically run the company & can decide who gets Galoc production, what development goes ahead etc.
So in summary, don't get stuck on 90% acceptance for this play to be a good outcome for the raiders/management. Typical is a few days before the end of offer (either as it stands or with an extension) we will get a big scary story about how bad it will be to be a minority SH in NDO & a few more will sell into the offer & the raiders will get an extra few % control, they may end up with say 60-70% of the company & be very happy with that outcome.
Please correct me if I am wrong re the small print in this bidders statement allowing the raider to go unconditional at smaller than 90% if it suits them but this is how some company TO's I have been a shareholder in have played out. The result on the SP after the raiders get control has varied.
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Last
86.0¢ |
Change
-0.060(6.52%) |
Mkt cap ! $196.1M |
Open | High | Low | Value | Volume |
85.5¢ | 90.0¢ | 85.5¢ | $146.3K | 168.8K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 52516 | 86.5¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
90.0¢ | 15000 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 52516 | 0.865 |
1 | 20000 | 0.860 |
2 | 115739 | 0.850 |
1 | 4000 | 0.810 |
1 | 40500 | 0.800 |
Price($) | Vol. | No. |
---|---|---|
0.900 | 15000 | 1 |
0.920 | 1270 | 1 |
0.970 | 19999 | 2 |
1.010 | 989 | 1 |
1.050 | 115000 | 2 |
Last trade - 15.54pm 05/08/2024 (20 minute delay) ? |
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NDO (ASX) Chart |