According to the documents lodged by Risco, the 7 cent Offer is due to go "live" on Thursday 17th May and will remain open for about one month. This can be altered in some circumstances as per the Offer document.
Since the announcement, approximately 8.6 million shares have traded, all at prices above the Offer Price. This represents about 2% of TAP's issued capital or about 4% of the free float (with Risco and Thai's shares out). It would be realistic to assume that these shares have been purchased in expectation of a higher bid from either Risco or a third party.
The drilling programme will also have some early results through this time period, so it will be interesting to see the reaction from Risco if there are any positive oil indications. The TAP board has indicated that regular drilling reports will be released during the programme.
A Target Statement, including, hopefully, some indication of value, will need to be released.
It will also be insightful to hear the view of the Thai's to the Offer, as at this point they have been silent.
Interesting month coming up.
Cheers, AL
Ann: Unconditional on-market Takeover Bid for Tap Oil, page-5
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