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indeed correct. i had my eye off the ball last week. there was a...

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Chillicop

5,115 Posts.

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25/07/22

11:00

Post #: 62707354
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Originally posted by dabozza: ↑

None of the buying today is Skip. The takeover laws kick in at 20%, and prevent them from acquiring anymore shares except through:

acquisitions under a formal takeover bid in which all target shareholders can participate
schemes of arrangement
acquisitions with the approval of a majority of the shareholders who are not parties to the transaction
acquisitions of no more than 3% of the voting rights every six months (creep rule)
acquisitions under rights issues and underwriting arrangements
“downstream” acquisitions of shares in Australian companies that result from “upstream” acquisitions in companies listed on the Australian Securities Exchange (ASX) or on certain foreign stock markets approved by the Australian Securities and Investments Commission (ASIC).

Skip are also entitled to request a board seat once they get 15% of the voting rights. So management can't really just rebuff / ignore their approach at this point. Interestingly in their announcement, they didn't actually say what they intend to do.

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indeed correct.

i had my eye off the ball last week. there was a big cross trade? who sold ?
GNX Price at posting: 19.5¢ Sentiment: Buy Disclosure: Held
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