poor incremental shareholders

in brief

'TransAtlantic announced on 27 October 2008 that it INTENDED to make an Off-Market takeover offer for all of Incremental's shares' (see ASX release under IPM)

SO! no takeover offer was made it was stated only that there was an INTENTION to make an offer...read on...this is important under the ASX rules...

'TransAtlantic Bidders Statement (which will LIKELY be in late November ~'

and

'TransAtlantic WILL be offering AUD 1-05 in cash'

and - under Definitions

Announcement date: means 27 October 2008 being the date of the announcement offer

WHEW! a lot of iffs & butts are in the statement but, importantly, they must be read with the ASX Market Rules at:

http://www.asx.com.au/supervision/pdf/rules_updates/asx_mr_pre_its_section_20.pdf

in particular:

Section 20.3.1
in short:

Acquisition of traded products by a bidder for less than the bid price is not allowed.

but

TransAtlantic announced o 31 October that it had accumulated 6.4M shares between 27 to 30 October for prices ranging from 90c per share - all because of their Clayton bid which 'MAY' happen in 'late November'.

TransAtlantic can remain in the market for IPM shares at less than their hypothetical bid value until they make a bid (if ever)however I doubt they will continue with their farce and I expect the IPM shares to take a dive next week in line with other oilers with, possibly, better assets; in the meantime, TransAtlantic have temporally assisted IPM management in restraining take-up of the COE offer.

However, COE can accumulate IPM shares at the rate of 6% per year (3% every 6 months from memory) and eventually get cheap control of 51% of IPM, toss out Management & Directors and win the perceived war in two or three years - depending on the final acceptances on Friday.

I feel quite sorry for EL if he did, indeed, retain his IPM shares as MS has not been outsmarted - only delayed by dubious tactics by IPM management; hanging onto their lucrative overpaid jobs and attached options and not working in the interests of their shareholders - I accepted COE's offer and now have COE shares for 13.68 cents which has helped me average down my holding.

I would like COE to take over a company like adx which have a mc of only $8M, cash > $2M, and good assets in the Cooper basin and Gulf of Hammamet Tunisia adjoining COE and onshore Tunisia in a proven province amongst others.