PRT have no need to make a takeover offer
They have no obligation to do so as any issue of shares under a rights issue does not "invoke" the takeover requirement
So, at 40% they can do a "Stokes" - buy 3% per year, do a sharebuyback with profits (as it benefits all shareholders they can vote on it without conflict), and take ownership at their own leisure - noting that at 40% they can vote whoever they want on and off the board........
So, they have control very shortly, without the premium of a formal takeover bid
new beginning, page-13
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Mkt cap ! $7.309M | |||
| Open | High | Low | Value | Volume |
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Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 2746 | 11.5¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 12.5¢ | 8044 | 1 |
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