Forum Archive Index - July 2002

["tennyson@caverock.net.nz" <tennyson@caverock.net.nz>]

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


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