they should try again JAN 2015 long time ago ..
https://www.odt.co.nz/business/nzog-...expected-later
I'm sure if NZO came back with a decent offer they would get to the important 75% ... then force a delisting of CUE put a time limit for the rest of the stubborn holders dreaming of higher return then I'm sure within the timeframe NZO would get to 90.1% and take full control ...
Then OG could (and should have) done the same with NZO ...then OG Energy could add all the CUE/NZO assets along with their Otway Gas interests and save 10mill+ in admin costs pa..not have to deal with the ASX/NZX or shareholders..
>ASX has released a draft guidance note on removing entities from the ASX official list.
A vote of minority shareholders may be required in some circumstances within 12 months of a takeover bid or if the delisting is intended to avoid the application of a listing rule.
No vote would be required if a delisting intention is disclosed in a bidder’s statement, the bidder controls at least 75% and other conditions are met.
Towards the end of a takeover bid, attention frequently turns to what a bidder can do if it gains control over a target but fails to achieve a 90% compulsory acquisition threshold.