Enoch .... maybe too early for a t/o but I recall the UMC t/o in 2009 by BHP which did not go down very well with shareholders at the time due to the low-ball price.
So we need to be vigilante about any low-ball rigging of the sp as, in UMC's case, several hedge funds worked in unison to smack the sp lower over several months, whereupon BHP then offered something like a lousy 29% premium to the 1 month volume weighted UMC share price (35% to 3 month share price).
It was a steal to say the least.
A quote from 3H on the UMC thread (29/10/09) summed up the strategy used by the amoral hedge funds on behalf of BHP : "... a warehousing game where multiple parties buy up to 4.99% & sit under the radar".
BHP got UMC for $1.30 when its true value was possibly $3 - $7 based on the remarkable FE deposit 2km. away from BHP area C in the Pilbara (one intersect of something like 180metres @ 64% Fe ... low impurities p.s. apparently it is now being mined & obviously filling the coffers of BHP & not the pockets of the faithful & honest UMC shareholders ).
***
So the initial jorc for UMC's Railway deposit of 110m. tonnes FE was ... 28/7/2008
the t/o was announced on 16/10/2009 i.e. 15 months after intitial jorc
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Enoch .... maybe too early for a t/o but I recall the UMC t/o in...
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