Wednesday, June 8, 2011

foreign creep

The three-way tussle for Tully Sugar continues with the Tully board now recommending the bid from China's COFCO ahead of Bunge and Mackay Sugar unless there is a better offer before the bid closes.

Meanwhile, today Far North based MSF (Mulgrave, Sth Johnstone & Tableland mills) quietly released an announcement that Thai shareholder Mitr Phol had increased their stake via an equity derivative from 19.9% to 22%. The 'creep' provisions of takeover regulations allow a company to move beyond the 20% takeover threshold by acquiring up to an additional 3% every 6 months. Mitr Pol acquired their 19.9% stake from Guiness Peat Group in November last year.

MSF also informed the ASX that their registered office was now located in the thriving corporate centre of Gordonvale.

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