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ASX release 10/4/07

 

In relation to the Rinker YEM07 interim dividend of 16 Australian cents/13 US cents2 per ordinary share (80 Australian cents / 65 US cents per ADR2), which was paid on 11 December last year, CEMEXÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s initial offer entitled CEMEX to deduct dividends paid during the offer period from the offer price. However, CEMEX has agreed not to reduce the higher US$15.85 offer by the amount of the interim dividend.

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Be very, very careful. In the announcement of April 10 that specified the higher offer, CEMEX stated the AUD$19.50 option was only for the first 2000 shares purchased prior to the day of the announcement (the Record Date, if you like).

 

Also, no $19.50 options exists if they compulsorily acquire the shares.

 

I reckon these denial conditions are probably contributing to the Rinker share price slavishly tracking the rise in the AUD.

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Please refer to eigth sup bidders statement dated the 31st may,the $19.50 option exists if shares are compulsorily acquired.

 

Also the fifth sup bidders statement amends the requirement to have purchased the shares on the 12th April to qaulify for the $19.50 option and states you are entilted no matter when shares are purchased.

 

They will get the 50%, the offer will be extended again, but once the 50% is reached you have only 3 weeks to wait for payment.

 

Arms

 

 

 

 

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hi djthommo and arms38

 

the discount made me think there must be a defeating clause but like arms38 has posted there appears to be no reason to expect that you won't receive the $19.50 for the first 2000 and therefore the arbitrage is the currency risk for the larger holders or the risk that some holders withdrew their acceptance (which appears to have been allowable prior to end of business today).

 

nevertheless the bid is now unconditional.

 

so it is a done deal.

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In reply to: arms38 on Thursday 07/06/07 07:51pm

I have accepted therefore payment now on the way?

 

Nifty http://www.sharescene.com/html/emoticons/tongue.gif

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