Friday, November 21, 2014

Aquis Statement: tick tock stop the clock?

Aquis statement on status of conditions released late today (Friday). This is required at least 7 days before offer expires which is 7pm Sydney time, next Friday 28th. There is no waiver of outstanding conditions and no extension of offer period. Aquis previously indicated they were not minded to extend the offer if the conditions were not met by the 21st.

Will confirm but my understanding is that the offer now can't be extended within the last 7 days so would be dependant on the conditions, including the probity and regulatory issues, being satisfied within the next week else the offer will lapse?

The relevant section on any extension is at 6.5 in the target statement from Reef available at the ASX website:

6.5 Extension of the Offer Period
Aquis may extend the Offer Period at any time before giving the Notice of Status of Conditions (referred to in section 6.3 in this Target’s Statement) while the Offer is subject to Conditions. However, if the Offer is Unconditional (that is, all the Conditions are fulfilled or freed), Aquis may extend the Offer Period at any time before the end of the Offer Period.
In addition, there will be an automatic extension of the Offer Period if, within the last 7 days of the Offer Period:
Aquis improves the consideration offered under the Offer; or
Aquis’ Voting Power in RCT increases to more than 50%.
If either of these two events occurs, the Offer Period is automatically extended so that it ends 14 days after the relevant event occurs.
An Introduction to Australian takeovers publication from lawyers Minter Ellison provides useful reference information.  
Today's amazing update: Gaming regulator blames Fungs for Reef Hotel Casino Cairns probity hold ups

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