aitken exercises options

p.40 of the NHR target statement reply indicated that the director Andrew Aitken would NOT exercise 1m options @$2.00 AND ACCORDINGLY WOULD NOT BE IN A POSITION TO ACCEPT OR REJECT THE OFFER IN RESPECT OF ANY SHARES ISSUED AS A RESULT OF THE EXERCISE OF THOSE SHARES,but this decision changed yesterday.

National Hire revealed that managing director Andrew Aitken lodged a notice to exercise one million options and on issue of the shares intended to accept the Seven offer

Seven also declared the offer price final, which means that under ASIC's "truth in takeovers" policy it now cannot increase it any further.

The question arises as to whether Aitken's earlier statement constituted a "last and final statement" under ASIC's "truth in takeovers" policy, and was therefore binding upon him.

The policy states that a last and final statement is one made by a market participant that it will or will not do something in the course of the bid.


A market participant cannot depart from a last and final statement unless it has expressly reserved the right to do so.

HOLDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDD!