The offer document is on KAH's website. Its 92 pages long. Can't post it due to restrictions. But it has some ambiguous wording in it. Eg pg 37 . . .
If the Offer has not become unconditional by Day 28 of the Offer, Taurus currently intends to extend the Offer until such time as the Offer becomes unconditional. There can be no assurance, however, that Taurus will, in such circumstances, extend the Offer and, if no such extension is made, the Offer will lapse on Day 28 of the Offer and no Kalahari Shares will be purchased pursuant to the Offer.
It then goes on with another 7 pages of details on a possible extension of the offer. Those who accept the offer will be entitle to any revised offer. The acceptor can also cancel their acceptance of the offer at anytime prior to the offer becoming unconditional (ie 51% shares acquired).
It sounds to me like they hope this will be over by 2 February or sooner. But they will persist if its not.
Another interesting point is the "Epangelo Agreement". Apparently CGNPC intends to lend Epangelo the money to buy 10% of Swakop at the takeover price, most likely on low interest and repayments via relinquished dividends - which sounds reasonable to me. At least its not a giveaway.
EXT Price at posting:
$8.50 Sentiment: Hold Disclosure: Held
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