Letter mailed to ASIC this morning. Basic argument: takeover bids are required to be done in an orderly manner and in a way that's fair to all shareholders. This one was neither orderly nor fair. Golden deliberately minimised the amount of time for perusal, picked up shares by default, and had effective control several hours before the BoD issued their' take no action because there could be a higher future offer' announcement. I didn't but should have also questioned whether continuous disclosure rules were obeyed re the FIRB approval (the Golden director on SMR board must have known?) and whether there were people selling into the opening auction who had been primed (insider trading; NB there was a 50m limit so early warning would have been very helpful). Hopefully others will follow those lines (and other lines) in their complaints.
SMR Price at posting:
99.5¢ Sentiment: None Disclosure: Not Held
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