Not sure if this has been posted. From last Thursday:
Dear fellow Echo Resources Shareholder,
We have spent considerable time, thought and effort on this campaign for a number of weeks. Our numbers currently stand at about 120 holdouts, which will be insufficient to block a delisting of EAR by these numbers alone.
We note that NST disclosed in their bidders statement that should they achieve 75% of the company they will attempt to delist EAR from the ASX.
We also note that an application to delist the company is subject to the present offer remaining open for at least 2 weeks after the date NST acquire an interest in EAR over 75%; as outlined in NST's bidder statement.
NST have reserved the right to extend the offer even if the 75% threshold is not achieved; articulated in small print on the bidder statement.
We expect NST to extend the current offer and leave the extension notice as late as possible, as previously experienced.
We remain in touch with larger minority shareholders and continue to advocate for a higher, more fair price for EAR shareholders.
For our own holdings, we have decided today to accept NST's offer for a
very small portion of our overall position. This portion is for funds managed for our external clients.
Our own private holdings which comprise over 90% of our position, have NOT accepted NST's offer.
We intend on holding out for as long as possible. Should NST achieve the 75% threshold, we intend on accepting the offer at the latest stage possible. Whilst this will be an unsatisfactory outcome for us, we believe it would be the most prudent decision for our own circumstances.
Accordingly, this will be our final email to the list of subscribers. Thank you for your support and I wish you all the best.
Regards,
Emanuel Datt
Disclaimer: This email does not take into account your investment objectives, particular needs or financial situation; and should not be construed as advice in any way. It is merely the personal opinion of the author, Emanuel Datt.
