Forum Archive Index - July 2002

["Malcolm Cameron" <malharcameron@hotmail.com>]

Infratil used it on the NCH takeover of Trans Alta NZ. i do not know if this 
was new code or old code
Malcolm


>From: "tennyson@caverock.net.nz" <tennyson@caverock.net.nz>
>Reply-To: sharechat@sharechat.co.nz
>To: sharechat@sharechat.co.nz
>Subject: Re: [sharechat] Snoopy's strategy
>Date: Wed, 24 Jul 2002 17:55:13 +0000
>
>Hi RHK,
>
> >
> >
> >Snoopy
> >
> >If you were after the $0.37 now on the basis that you were being
> >"oppressed" (or whatever the particular phraseology is) I would be
> >gathering some empirical evidence to see if/how this has been
> >affected in the past by oppressed minorities.
> >
> >
>
>
>I don't think this strategy has ever been tested before.  What I am
>suggesting is only possible because of the new takeovers code.  I'd
>be grateful if someone more knowledgable than myself on the legal
>side could confirm that this provision does exist within the new
>takeover code.
>
>
> >
> >
> > I suspect of everyone plays this joker card this time around then
> > scaling will have to take affect meaning that you might get a rude
> > shock on how many shares are bought back from you anyhow.  Also, I
> > thought I read somewhere it is basically a veto right for Xylem ie
> > if they say "No" then they will be bought out.  The punters will
> > then go 12 rounds for the remaining $8m or so.
> >
> >
>
>
>I don't think it works like that.  All minority shareholders must be
>treated equally now.  So no scaling.  The smallest minority
>shareholder has exactly the same rights as a company holding 10% of
>the shares.  If too many punters (as you put it) take up the offer,
>then the deal will sink.
>
>
> >
> >
> > Bruce and is band of merry men - as Banksie used to say when
> > refering to Winston, "Now I've heard from the monkey's, I would like
> > to hear from the organ grinder"
> >
> >
>
>Say whatever you like about Bruce, I know he is somewhat
>'unorthodox'.  But Bruce has given small shareholders a voice they
>haven't had since the retirement of Max Gunn.
>
>SNOOPY
>
>
>---------------------------------
>Message sent by Snoopy
>e-mail  tennyson@caverock.net.nz
>on Pegasus Mail version 2.55
>----------------------------------
>"You can tell me I'm wrong twice,
>but that still only makes me wrong once."
>
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