Forum Archive Index - April 2003

["DR" <hamish@webmail.visp.co.nz>]

Snoopy,

 I think that Brierly Investments did get Mount Charlotte because they made the error of breaching the 30% limit.

Their present 45.2% resulted from a subsequent partial float.

It is my belief that the 30% rule may only be invoked when the exact breach occurs, so BIL is now allowed to do anything it likes.

It could for instance declare it takeover 'unconditional' at any time (cash permitting) and force minor stakes out at above 90% should it get there.

Presently the THO price suggests that there is unlikely to be another bid from outside as earlier risess above 115p have been cut back.

 

D