IBC, page-9

No problem, BenMcG. richardwth previously addressed the limitations surrounding the 3% Creep Rule in Post #: 71800068.

Even if RG could immediately begin accumulating 3% of shares 'on market' upon the expiry of the offer, it would be very challenging due to limited liquidity and the reporting requirements, which would immediately expose his intentions.

It was only 2-3 years ago that RG was accumulating shares under the 3% creep rule at prices within the $2-3 range. Clearly, RG felt the share price was undervalued at that time, and arguably, the business is now much better positioned than it was back then.

Regulatory Guide 9: Takeover Bids has a section specifically covering 'The minimum bid price'. RG 9.149 states the following:

“The ‘minimum bid price rule’ in s621(3) provides that a bidder making a takeover bid must offer consideration at least equal to the maximum consideration that the bidder or an associate provided, or agreed to provide, for a bid class security under any purchase or agreement during the four months before the date of the bid (pre-bid purchase).”