lion ore has disputed the acceptance by zfx, page-3

ZFX were required to update the market as to their intentions prior to close of the offer at 7pm on Friday. When they did not, the offer is technically deemed closed by virtue of their own deadline. ZFX only extended their offer at 7.30pm, well past the deadline.

LST will contend that they made their decision to accept the zfx offer based on their representations to the market that they would not be extending or increasing the offer. This is compounded by ZFX technically allowing the offer to lapse. Under the truth in takeovers laws the Takeovers Panel can institute unacceptable circumstances and order the return of LST's shares or even the cancellation of ZFX's extension of offer.

These sorts of misleading takeover practices is the exact reason why the Panel was created in the first place. LST and AGM have a strong case for unacceptable circumstances and I believe that at the bare minimum ZFX will be ordered to return any acceptances received on Friday. There is even a chance that ZFX will be forced to abandon their takeover - this is certainly within the intent of the truth in takeovers provisions.

HTH
UIO