yeh, Offer closed Sydney time 7pm Saturday 29 April 2023 - unless extended.
So MIN can process any Acceptances i guess lodged on Saturday - I think that would be correct, because NWE s/h can accept online, they can fill in Acceptance form online, and email to Share registry on Saturday. Acceptances needed to be received before Offer closed at 7pm. Registry staff would probably be working Saturday because MIN's offer was still open until 7pm Sat night. If not, why would MIN close the Offer on a weekend? MIN would not let Registry staff go home until they got those acceptances processed.
Without any shadow of a doubt IF MIN did not get to that 90% threshold, then MIN would have extended the Offer again. Why wouldn't they?
So the fact that the Offer was not extended, definitely means that MIN has reached its 90% goal.
So Monday we will see a Change of Sub Interest notice. showing over 90% holding, and a Notice of Compulsory Acquisition.
I think, but not sure, that s/h who have not accepted the Offer before Close of Offer, will get the opportunity to sell on-mkt - as I think NWE shares will still trade on ASX for 5 business days after Compulsory Acq notice is sent to shareholders. After then, NWE shares will be suspended from trading.
Again, am not certain when trading in NWE shares on ASX ceases. So be alert - because if you wait for your shares to be compulsorily acquired under the formal process, you don't get paid for about 4 - 6 weeks!
Good luck
NWE Price at posting:
5.6¢ Sentiment: None Disclosure: Not Held
