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20/03/18
14:27
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Originally posted by Al99
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Mahelion
Most of the guys who have announced as sub Holders after the bidding started are financial intermediaries. They play the bid and hope to get a higher offer with little or no risk. In the end, it is their interest to accept, as if they don’t, they get caught in a liquidity trap and can’t get out.
I understand from media reports that Beach/Seven have built a position but this has not been formally declared. They are probably playing to ensure they get some value via their 50% holding in Waitsia, i.e. a bigger seat at the table for key decisions.
Remember, the bid only has a 50% acceptance threshold, so the bar is not as high as normal. This also leads to the prospect of the bid being successful and AWE remaining listed with Mitsui as a +/- 70% shareholder. That is probably not what they want, but it is a potential outcome.
I also see that Mitsui have lifted their interest again this morning, which is the start of an acceleration towards the magic number.
Hope this helps.
AL
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This is sure a slow take up
Acceptances now 7.52% up from 4.41%
Maybe the tsunami is building up
I think you are right about Mitsui being a "+/- 70% " holder
They don't seem to want to own the whole thing
Else they would have upped their bid to $1 by now