Without the ASIC exemption, forcing CGNPC to make a downstream offer for EXT, what happens if CGNPC successfully acquire 100% of KAH and thus 42.8% of EXT? Isn't CGNPC forced to immediately make the downstream offer at that point rather than 'eventually' or even 'medium term' as hohnen is quoted as saying? If they do make the offer but fail to reach the 90% threshold would are they forced to reduce their KAH holding below 20% again?
If yes to my second question then 2.70, 2.80, 2.90p etc sets the floor price for the downstream offer (as ASIC require the downstream offer to be on at least equivalent terms as the KAH offer) but with Leslie stating that $16 is true value it is logical to conclude that EXT management won't be recoomending anything less than $16.
does this make sense to others out there? If I've missed something obvious please let me know. I'm just another LTer waiting for pay day.
EXT Price at posting:
$7.85 Sentiment: LT Buy Disclosure: Held
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