aitken exercises options, page-3

Last and final statements A "last and final" statement is a statement made by a market participant that it will or will not do something in the course of the takeover bid. If a participant departs from this, it may contravene the misleading or deceptive conduct provisions of the Corporations Act and also risks a declaration of unacceptable circumstances by the Takeovers Panel. ASIC's view is that the participant cannot rely on the happening of an event or a change in circumstances to depart from a last and final statement, unless it has qualified its statement by specific reference to the event, or the event is not reasonably foreseeable. The following examples of last and final statements are given:
no increase statements - ie bidders state that the consideration that they offer will not be improved;
no extension statements - ie statements by bidders that they will not extend the offer period;
no waiver statements - ie statements by bidders that they will not waive a defeating condition;
acceptance statements - ie statements by substantial holders that they will not accept into the bid or that they will not accept unless the bidder improves the consideration.
If the "overall impression" of the statement is that the maker of the statement will not depart from it, ASIC is likely to view it as a last and final statement. This is consistent with the general principle accepted by the Takeovers Panel in respect of current ASIC policy in Taipan Resources No. 6 that, where a bidder makes a statement about its intention in relation to the conduct of a bid, shareholders and market participants can reasonably expect the bidder to act consistently with that stated intention. Market participants need to be aware that if they make last and final statements which:
are not qualified;
do not give adequate disclosure of the risk that the statement will not be fulfilled; or
are confusing or ambiguous,
ASIC may query the statement at the time it was made and may require the market participant to clarify its statement by issuing a supplementary bidder's or target's statement or make a public announcement