Ann: NST: Northern Star makes $150M offer for 49% stake in EKJV, page-43

NST have carefully avoided making a pitch for both companies as this would have required them to comply with ASX rules in that they would have to establish the basis for their valuation. As Eshmun has previously pointed out, this would have devalued their own company and demonstrated by such a low offer that NST is somewhat of a Ponziesque bubble. (Try a rule of thumb estimate based on earnings per share - run an NPV exercise on the three companies.)

If anything, NST should be required to make a formal offer for both companies given that the EKJV represents the overwhelming majority of their assets.

In an attempt to hide behind the inadequacy of ASX rules to steal the balance of this rich project, NST appears (as Eshmun has also said recently) to have run foul of S51 of the Corporations Act. The application of S51 is not a limp lettuce leaf. IMO, TBR and RND should initiate court action against NST and its Directors.