ATM - A2 Milk Corporation Limited

[robbo24]

Not quite with you there Robbo.
Are you saying that a2mc is exempt from complying with S41 of the TO code because the proposal is non binding?
It seems to me that they have complied by virtue of the fact that they have made full disclosure of the expression of interest in FF & DFC acquiring all the shares in a2mc.
Am I reading you correctly here?

No, you're not reading me (or s 41 which does not include a step of sending "friendly email that can be announced and speculated upon willy-nilly") correctly.

Here's an example of an s 41 notice and appropriate disclosure.

Here's what s 41 says:

41 Takeover notice
(1) The offeror must send to the prospective target company a notice in writing that—
(a) states the offeror's intention to make an offer under this code; and
(b) contains, or is accompanied by, the information specified in Schedule 1 (except clauses 1 and 4) stated as at the date of the notice.
(2) If the offer will include a regulated offer under the Financial Markets Conduct Act 2013, the notice referred to in subclause (1) must be accompanied by a copy of every relevant document.
(3) In subclause (2), every relevant document means every product disclosure statement or other document that must be registered or lodged with, or produced to, any of the following persons or bodies for the offer to comply with the Financial Markets Conduct Act 2013 (including any exemption granted under that Act or any mutual recognition scheme established under that Act) or with the laws of any overseas jurisdiction in which the offer of the financial products is to be made:
(a) the Registrar of Financial Service Providers (including any equivalent person or body in an overseas jurisdiction):
(b) any regulatory body (including a regulator in an overseas jurisdiction):
(c) any offeree of the financial products.
(4) The notice may contain, or be accompanied by, any additional information that the directors of the offeror determine could affect the decision of the offerees to accept or reject the offer.

All the details required in Schedule 1 must be with the takeover notice otherwise it is not a takeover notice. This must be disclosed to the market. No mention of "friendly email that can be announced and speculated upon willy-nilly." A takeover notice has seemingly not been given, and indeed if it has then the company is withholding it for reasons of some type of contractual confidentiality agreement...

Here's some good diagrams and information: http://www.takeovers.govt.nz/assets/...t-linked2a.pdf You will note the diagram on page 4 refers a takeover notice. No mention of "friendly email that can be announced and speculated upon willy-nilly."

I'm still trying to figure out why companies are allowed to qualify their "not-a-takeover announcements", getting the market hyped up and then taking a wait-and-see approach to whether an s 41 notice arrives (or not). Still haven't worked this one out.

[Harrie]

Keep focused on the long term boys. Exposure money cannot buy even though the deal may not go ahead.
I'm a bit sceptical over Deans ability to take on more debt, having looked at the B/S, but Freedom is in there as well, so anything could happen. Worth waiting on balance of risk to see what comes out of it. Accept that until we get more details SP will drift around the 69c to 76c mark
Deans operate scores of different brands including Oak farms in Texas. If I'm not mistaken isn't this the farm that was advocating a2 only milk a year ago NT?

[winner69]

Wonder who else could be interested and updating their models / plans right now

[Harrie]

lol, having written what I just did, some lunatic is offering buy for 100c on the ASX.....crazy

Got the same bulls*** yesterday with buyers at A$0.72c which converted to NZ$0.82 before the market opened. Just someone hyping the market to sell into.
Wait until the Aussy market opens and can guarantee it won't start trading at anywhere near that level. There is no additional info.
Anyway why buy at A$1.00 when there is plenty to buy on the NZX at around A$0.64 (NZ$0.73)

[Xerof]

lol, having written what I just did, some lunatic is offering buy for 100c on the ASX.....crazy

Why don't you take the time to get up to speed with how the pre-market auction system works.

[Harrie]

Why don't you take the time to get up to speed with how the pre-market auction system works.

Yeah sure, lets see what it really does start at when it opens shall we?

[NT001]

Actually Xerof that's something I've often been curious about and searched the Net without success. Could you briefly educate those of us who aren't familiar with it? Thanks

[robbo24]

Actually Xerof that's something I've often been curious about and searched the Net without success. Could you briefly educate those of us who aren't familiar with it? Thanks

Chuck High Frequency Trading into your search as well.

[bull....]

In reality the conditions of the bid are breached in that a2 revealed the identity of the parties and now the parties can walk away if they like so risk is large for any buyers now I would think

[bull....]

Fonterra stays mum on A2 speculation - nbr

be good if company stayed in nz hands