|
Printable version |
From: | "James Sherbert" <james_sherbert@hotmail.com> |
Date: | Sun, 19 Oct 2003 20:18:14 +0000 |
Again, let me just preface this with "i'm not a lawyer, but...." According to section 56 of the 2001 takeovers code ( www.takeovers.govt.nz/code ) ... "Dominant owner through acceptances of offer : 1. If a person becomes the dominant owner by reason of acceptances of an offer (whether or not the dominant owner has also acquired equity securities under rule 36), the consideration payable in respect of equity securities in any class must be the same as the consideration provided under the offer for equity securities in the same class. 2. Subclause (1) applies only if acceptances of the offer were received in respect of more than 50% of the equity securities that were the subject of the offer in the class in respect of which the consideration is to be determined. " Exceptions to this rule are outlined in Section 57 which goes on to state: "Determination of consideration in other cases 1. If the consideration cannot be established under rule 56, the consideration specified in the acquisition notice— a. must be a cash sum certified as fair and reasonable by an independent adviser; " You can make up your own mind, but my understanding is that as this was an offer for more than 50% then section 56 applies. Happy to be corrected. JJJ >From: Murray A <murray_a@clear.net.nz> >Reply-To: sharechat@sharechat.co.nz >To: sharechat@sharechat.co.nz >Subject: Re: RE: [sharechat] TransRail - last few shares >Date: Fri, 17 Oct 2003 17:18:58 +1300 > >I asked the same question through the ask a broker archive and got this >reply " >Unfortunately you're correct. If an acquisition achieves a 90% stake then >you receive a note from the registry and a cheque for your shares, (at the >takeover price)" >so who,s right? i already sold mine though. >murray > _________________________________________________________________ Need more speed? Get Xtra Jetstream @ http://www.xtra.co.nz/products/0,,5803,00.html ! ---------------------------------------------------------------------------- To remove yourself from this list, please use the form at http://www.sharechat.co.nz/chat/forum/
Replies
|