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DNO are tightening the screws. A raise at the end of the offer period may get them over the line.
What is the procedure here? I'm certainly not accepting their derisory offer, but what happens now that they have made it "mandatory"? At what point do we not get any choice in the matter? Is it 90% held or controlled by DNO? Is changing it to mandatory of any significance to us PIs?
The Board reiterates the following observations in relation to the Offer timetable, as established by the UK Takeover Code:
• DNO has until 27 January 2019 to improve or otherwise change its Offer, should it wish to do so
• DNO has until 10 February 2019 to achieve sufficient acceptances for its Offer to become unconditional
• If the Offer at any time becomes or is declared unconditional, DNO must keep it open for acceptance for at least another 14 days
Is the purchase of 1 share not a sign from the mm's that something is a foot?
An offer becomes mandatory when the bidding co has more than 33% of the Target
Nope don’t think so. Usually the “squeeze out” ie. compulsory purchase of shares is when the bidder gets to 90% acceptances.
Had DNO not already made an offer them when they reached 33% then they would be compelled to so the mandatory applies to DNO not us
Ii was having a look at the number of shares in issue and the volume of trades to see if DNO are likely to get anywhere near their required 57.5%. Something like 373 million shares in issue, and 57.5% of that is 214 million in round figures. The last figure of shares owned by or favourable to DNO was given as 43.1%, i.e. 154 million. That would imply that to get to the target, they would need to acquire an additional 60 million shares over the next 9 trading days (including today). That's about 6.7 million a day. Not sure what the current volumes are (and not all trades will be buys by DNO or others friendly to them) but if my figures are correct (big ???? there...) doesn't look likely they will get there.
Quote from the DNO website: “We are agile. We are flexible. We are resilient. We are DNO.”
DNO don’t lack in confidence and I suspect they are not going away. It wouldn’t surprise me to see them sit with a larger minority stake in Faroe Petroleum as long as they can get some Board representation. After all RAK Petroleum currently owns 40.45% of DNO and 33.33% of the delightfully named Foxtrot International LDC who operate in Cote D’Ivoire. So mintorty investments are in the DNO DNA. Sorry couldn’t resist!