june countdown begins , page-6

Pinto, my understanding is that under a t/o scenario, L/B only has to lodge a Change in Sub S/H Notice when their shareholding moves by 1% or more.
In a t/o that Notice must be lodged by 9.30am next day.

Under normal circumstances (ie outside a t/o situation) they would get something like 3-4 days).

So one would presume that if L/B has received any acceptances at all, it is below the 1% threshold.

DYOR
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I think L/B will get no where near their 50.1% level without NHC acceptance, and without Board recommendation.
It MAY get some acceptances at the 40c level if s/h get edgy as the closing date of 24 June nears.

IF there is no rival bid emerging prior to 24 June, then I reckon it is a certainty that L/B will Extend the Closing Date. (I recall it is usually by 2 weeks periods- and they can do that multiple times).

and if there are no rival bids at the time of closing, why would L/B not extend? No point in closing, because they may be lucky enough to snare some more shares at bargain price of 40c?

I am going to wait to hear what NHC response is.

We should recall the previous "Intention to make bid(s)".

I think WCL was valued there at $185m.
Now that was:
- before WCL doubled its reserves
- before WCL achieved a GSA for J/V of well over $3.2B over 20yrs, at a really favourable ramp up arrangement.

SO if WCL was worth $185m back then, why does L/B think it is worth less now, when we now have more reserves, and a huge GSA?

So far L/B have been very fortunate, and been "Johnny on the Spot" to grab their 19.9% s/h at 40c, from sellers who wanted out for various reasons. What a very Poor deal the unitholders in EIT will get.

cheers