Ann: Northern Star makes $150M offer for 49% stake in EKJV, page-55

Politicians might become interested in how a non-judicial panels that they have created through acts of parliament can be used to create large arbitrage opportunities in markets that may not be capable of being defended and end up disadvantaging certain sets of investors. We shall have to wait and see on that front if these strong arm manoeuvres actually succeed.

Courts also have interests in seeing that misleading and deceptive conduct aren’t perpetrated during the pursuit of commerce in Australia, that’s why trade practices laws exist.

If you believe as shareholders of TBR we are willing to let go of this asset at this price you are mistaken.

The only way it’s going to be done is through the inappropriate use of the takeover panels powers and this needs to be urgently brought to the attention of the Federal Court who has the power to judicially review the orders made by the takeover panel, then later the mater can be referred to pariliment if they are found to be deficient.

If I was bringing the matter to the Federal court I’d also try and expand that review to look at the all the circumsatnces around the making of the application to the takeover panel and the making of this offer. The person who brought the original application to the takeover panel doesn’t look to have done himself any favours in terms of the value they will receive if this offer succeeds, which opens potential lines of questioning.

I have every right to be angry and very angry. Esh