MIN has changed the terms of it's offer to settle within 7 business days of the takeover, thereby reducing the window for short selling of MIN shares prior to settlement. This suggests MIN is actively following and responding to posts on Hot Copper, but it's unlikely to make much difference. In the lead up to the last Capital Raising, short trading, possibly insider trading, rapidly reduced NWE's sp from 4.9c to the 3.3c issue price for new NWE shares before the new shares were issued.
ASIC has a responsibility to protect small investors and should investigate this takeover bid. If it doesn't and early NWE investors who risked their capital lose the upside reward of early investment through MIN's takeover, trust in the institutions that are meant to protect small shareholders will be eroded, fewer small investors will enter the capital market and other small ASX listed companies will struggle to onboard investors. Whether NWE's CEO and Directors have fulfilled their Fiduciary Duty to NWE Shareholders needs proper scrutiny and should be included within ASICs terms of reference.
MIN's valuation of NWE is based on 1.1tcf which was assumed to be the upper limit prior to NWE discovering “the largest on shore gas discovery in Australia’s history”, not my words but those of NWE and MIN Executives and Directors that want you to accept MINs low-ball offer.Thanks again to alexei ii & all the other very knowledgeable contributors on HC who've alerted us to the value of what we've got and how undervalued NWE's shares are under MIN's takeover offer. By holding our shares until the drill holes & 3D are completed, we will IMHO achieve proper value for our holdings in NWE and fair compensation for the risk we have taken with our capital.
NWE Price at posting:
7.0¢ Sentiment: Hold Disclosure: Held
