Forum Archive Index - October 2003

["James Sherbert" <james_sherbert@hotmail.com>]

I'm not a lawyer, but.....

>From what i have read, Toll Holdings are not the ones buying shares at 
$1.18. Instead, it appears to be a fund manager taking a punt that this will 
force Toll to increase its bid.

Under this scenario, if Toll gets to 90%, it is only obliged to pay $1.10 
per share as this is its official offer.

However, from my limited understanding of securities law, if Toll so much as 
buys one share at $1.18, it then has to revise the takeover and offer this 
new (higher) price to all TranzRail share holders who have accepted its 
offer (but not to people who have sold on the market).

Hope that makes sense. Happy to be correct by any lawyers out there if this 
is not the case.

JJ


>From: Tony <tony@ltdrisk.com>
>Reply-To: sharechat@sharechat.co.nz
>To: sharechat@sharechat.co.nz
>Subject: [sharechat] TransRail - last few shares
>Date: Thu, 16 Oct 2003 22:44:22 +1300
>
>I am holding some of the last few shares that TOLL want and am wondering
>what will happen to the price when TOLL have their 90%.
>I know they will force me to sell but what will be the price?
>Will it be their offer of $1.10 or the price at the time when they reached
>90%(ie $1.18) or what...?
>
>tony
>
>
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