Gryphon, this was my post of 21-03:"Under the takeover's code,...

Gryphon, this was my post of 21-03:

"Under the takeover's code, how could they increase their holding past 20% without making a full bid for the company?

Sometimes you can get permission to do this, but I have not seen any such permission given."

The takeovers code says you cannot increase a holding in a company PAST the 20% mark without making a full bid for the company, UNLESS you get a waiver to do so. Glencore got such a waiver as they needed one to underwrite the cash issue as they would have increased their holding from 33% etc. That is how they ended up with 46% of the company without making a full bid.

The point I was making is they just can't simply keep on adding to the 46% on the open market without getting another waiver, unless they are entitled to do so under the creep provisions which allows you to go up 5% each year without the need for a bid.

Really, you are not very intelligent. Every other poster seemed to understand that post, except you. Stick to Tatts lotto, mate.