@cantona
This is part of your post on a new thread. I'd prefer to respond here on an established thread.
I guess one party needs an extra 25 to 30 Million shares from here to have definite control of Auris
this is going to be very interesting leading up to the voting.
As can be seen from last might's notice, also my above post, Michael Fotios had reached 14.15%. Did he buy more today? Let's wait and see!
57,727,062 shares = 14.15%
81,594,020 shares = 20%
The difference is 23,865,958 shares.
W
hy 20%? That's the threshold for the takeover law coming into play. In order to avoid having to make a takeover offer, he has to stay at 20% or below.
2.1 The 20% rule
The basic takeover rule is that a person cannot acquire a ‘relevant interest’ in issued voting shares of an Australian incorporated company listed on the ASX (or issued voting shares of an unlisted Australian-incorporated company with more than 50 shareholders, or issued voting interests in an Australian-registered managed investment scheme listed on the ASX) through a transaction in relation to securities entered into by or on behalf of the person if, because of that acquisition, that person’s or someone else’s ‘voting power’ in the relevant entity:
• increases from 20% or below to more than 20%; or
• increases from a starting point that is above 20% and below 90%, unless the acquisition occurs via a specified exception (such as a takeover bid, scheme of arrangement or with target shareholder approval).
This is commonly known as the ‘20% rule’ or ‘20% takeovers threshold’. At a basic level, the 20% rule means that a person is limited to holding a 20% shareholding interest in an ASX-listed company and cannot move beyond that except via a specified exception.
Watch this space! Are the protagonists playing this card?
