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BPC, BURNS, PHILP & COMPANY LIMITED
mannings
post Posted: Nov 1 2006, 09:11 AM
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In reply to: kiril on Tuesday 31/10/06 12:46pm

Good Luck Kiril,

Absoulutely no idea how this will end. I sold out at 1.08 in August as posted here.

Cheers

 
kiril
post Posted: Oct 31 2006, 12:46 PM
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In reply to: mannings on Monday 30/10/06 05:36pm

Mannings, thanks for your reply.

I still hold just over 120,000 of BPC shares. GH states that he is restricted by law in not increasing the bid.

Of course everyone is holding out for that extra 10cents. I just fair him calling our bluff, and the offer lapsing, and down the price comes.

Are you holding?...of so what do you think the outcome will be.

Thanks.

Kiril.

 
mannings
post Posted: Oct 30 2006, 05:36 PM
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In reply to: kiril on Monday 30/10/06 03:38pm

Kiril,
You are exactly right in your interpretation. Hart must pay within 5 business days from the day he gets 90% acceptance or from the day he waived that 90% acceptance level BUT no later than 16 November.

You are still holding out?

Good Luck.



 
kiril
post Posted: Oct 30 2006, 03:38 PM
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The offer states: If this condition is met or waived (90% minimum acceptance condition), shareholders will be paid by the earlier of 5 business days of the offer becoming unconditional and 16 Nov.

Can someone please clarify if they know---

Does this mean that should they get say 85%, Rank can waive the 90% acceptance requirement condition....and payout the 85%, and then leave the other 15% trading on the ASX?

Someones better understanding of this would be much appreciated.

Kiril.


I still hold.

 
kiril
post Posted: Oct 17 2006, 01:13 PM
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In reply to: mannings on Tuesday 17/10/06 12:49pm

Thanks Mannings.

Guess they wouldnt have writen that if the line about breaking the law if raising the bid is rubbish.

Next 2 weeks will be interesting.

Kiril.

I still hold.


 
mannings
post Posted: Oct 17 2006, 12:49 PM
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In reply to: kiril on Monday 16/10/06 12:49pm

Kiril,
I believe the rule was formulated to prevent a corporation in a take-over battle to inform the market its bid is final and it will not raise it to 'panic' shareholders to accept the so call 'final bid' and then the bidder raise the offer!

But in any case, the current 'Intelligent Investor' dated 11 October has a 'hold recomendation' and this to say:

'But there remains a slim chance of enough people holding out so that Rank will need to increase its offer. It's still up in the air, and we suggest you keep a close eye on the company announcements".

Cheers

 


kiril
post Posted: Oct 16 2006, 12:49 PM
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In reply to: mannings on Monday 16/10/06 12:25pm

Thanks.

Not sure that logic really makes sense to me.

But thanks all the same.

 
mannings
post Posted: Oct 16 2006, 12:25 PM
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In reply to: kiril on Monday 16/10/06 11:46am

Kiril,
I think it is the same like in other take-over battle with another bidder. Once they announced their bid is final and they will not raise their bid, they are bound by law on their announcement.

Cheers


 
kiril
post Posted: Oct 16 2006, 11:46 AM
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Can anyone please explain why they are stating that they are forbidden by law to raise the bid?


Kiril.


I hold.

 
PeterH
post Posted: Oct 9 2006, 03:44 PM
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In reply to: kiril on Monday 09/10/06 03:08pm

I'm there with you Kiril. Never cave in till stumps is my motto.

 
 


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