IDT 0.00% 12.0¢ idt australia limited

Puzzling - major Hldg changes?

  1. 6,411 Posts.
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    Tried to get handle on what happens when a major SHLDR changes holdings & the timeframe in which they alert the market! Found this:

    Timing for giving notice
    RG 5.292
    RG 5.293
    RG 5.294
    RG 5.295
    RG 5.296
    RG 5.297
    RG 5.298
    RG 5.299
    The timing for giving a substantial holding notice varies depending on
    whether the listed entity in respect of which the substantial holder is giving
    the notice is the subject of a takeover bid.
    Where the listed entity is not the subject of a takeover bid, the substantial
    holding notice must be given within two business days of:
    (a)
    (b)
    the person becoming, or ceasing to be, a substantial holder in the listed
    entity; or
    a movement of at least 1% in the person’s substantial holding in the
    listed entity.
    This timing is accelerated during a takeover bid, when the substantial
    holding notice must be given by 9.30 am on the next business day: see
    RG 5.297.
    In either case, a person must give a substantial holding notice whether or not
    they have completed a larger investment move or unwound their investment
    position within that time: s671B(6)(a).
    The short deadlines for giving notices are designed ‘to compel, in fast
    moving markets, the immediate disclosure of the identity of the persons who
    become substantial security holders’: Meridian Global Funds Management
    Asia Ltd v Securities Commission [1995] 2 AC 500 at 511.
    Disclosures during a takeover bid
    When there is a takeover bid for a listed entity, if the substantial holding
    requirement is triggered during the bid period, notices must be given by
    9.30 am on the next business day: s654B and 671B(6)(b). This applies to all
    substantial holders, not just bidders.
    Note: For discussion on when ASIC considers a person has made a takeover bid for the
    purposes of s671B(6)(b)(i), see RG 5.288. This view is consistent with s654B, which
    applies, in any event, during the ‘bid period’.

    Can someone clarify:

    1. Are changes in major Shldr notices not required due to Mynd's interest?(is their bid considered a "Takeover?"
    2. Are there outstanding notices on major holding changes since the Capital Raise?
    3. Did Sandon announcement include the Capital Raise issue?

    Any idea where Mynd's interest is at & timeframe for updates?

    Are their others now taking an interest? ie. seeking to run a ruler over IDT?

 
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