Parkmead will have to produce a bidders statement where they try...

Parkmead will have to produce a bidders statement where they try and convince shareholders to accept the offer.

Then Lochard will produce a targets statement where the directors will also try and convince shareholders to accept the offer, but seeing as we have some substantial shareholders who are coming out against the offer I would expect them to also release a statement to try and convince shareholders to reject the offer.

After the above two statements have been release the offer will be opened and anyone who wants to accept the offer will let their broker know and there shares will be listed as accepted. Those who don't want to accept the offer just do nothing.

If Parkmead can't get to 75% then they cannot effect a full takeover of the company (i.e. force you to sell them your shares at the offer price).

Exactly what Parkmead will do if they only get say 60% is unclear - I think they will walk away as they will not be able to get their hands on the Athena money, which is all they are really after, but we need to just keep an eye on the announcements and read the statements when they come out over the next month or two.

With the offer likely to fail, I think Parkmead may need to up the offer or walk away.

Mackec