Screwed by Nido Management, page-5

Talking to the Takeovers Panel re the process since the offer has already closed. Can still submit an application but I want to get some feedback from them re their likely attitude as there are issues with the timing. I have researched previous cases and there seems to be plenty of precedents where the panel ruled in favour of the minorities in similar situations to ours but each case is different and judged on its own merits.

There are some big Nido shareholders who are going to lose truckloads of $'s but they don't seem to be making any noise about it - I don't understand why? Some of them appear to be professional investors who would have much more knowledge and experience in the legalities and the drafting of applications, etc., to the panel but who appear to have accepted their fate without a fight. Maybe a few thousand $'s doesn't mean much when you have buckets of them?

I don't think that there is any doubt that the offer was priced to deter minorities from taking up their rights allowing Bangchak to proceed to compulsory acquisition more cheaply than would otherwise be the case in an open and fair market - and Nido directors planned it that way. The results from the offer are pretty conclusive but will the TP see it that way - I don't know.

I'm drafting an application at present and will get back to you once I've spoken to the TP this week.

Cheers,

OldSoul