Lockyer Deep - From the horse's mouth OR What the JV partner really thinks about Lockyer Gas, page-188

OK, on the matter of extensions to takeover periods, I have gone back to basics - rather than foolishly relying on a secondary source.

Thanks to jake0002 and andyno3 for alerting me to a problem.

There is nothing more basic than the CORPORATIONS ACT 2001 - SECT 624

http://classic.austlii.edu.au/au/legis/cth/consol_act/ca2001172/s624.html

That section states:

"Automatic extension of offer period if bidder reaches 50% or considerationincreased in last week

(2) If, within the last 7 days of the offer period:

(a) for an off-market bid--the offers under the bid are varied toimprove the consideration offered; or

(b) in any case--the bidder's voting power in the target increases tomore than 50%;"

So if MIN gets more than 50% of NWE shares by the time this takeover bid closes, then it can automatically make an extension of the takeover period

Alternatively, MIN can make a better offer and thereby extend the takeover period.

Of course, if another company makes a better takeover offer then the takeover period starts all over again.

Heaven help us. I am holding tight.