MYL 2.13% 4.6¢ myanmar metals limited

I admit to being totally naive in these matters, so hopefully...

  1. 1,942 Posts.
    lightbulb Created with Sketch. 123
    I admit to being totally naive in these matters, so hopefully someone can clarify for me.

    So, the following statement has been quoted:

    'Perilya will also be subject to a standstill in relation to acquiring a shareholding of greater than 25% in MYL for a period of 2 years. The standstill is on customary conditions for arrangements of this nature.'

    The suggestion is being made that Perilya could then undertake some sort of transaction to increase their current holding of 19.9% to a cheeky 25%.

    Given that I'd assume a 'standstill' is ruling out a takeover, can someone explain how they expect Perilya will get around the below ASIC rule. I'm unaware of any agreements that can be made between companies that allow them to ignore/circumvent the rules of ASIC.

    "Acquisitions of a relevant interest in voting shares or interests that increase aperson’s voting power to more than 20%, or from a point above 20%, areprohibited under s606 unless they are made under a takeover bid, authorisedunder one of the other exceptions in s611, or the person’s voting power isalready above 90%.
    This prohibition also applies to:
     acquiring legal or equitable interests that result in another person’s votingpower increasing in the same way; and
     offers or invitations that would result in a breach of s606 if accepted.
    Note: See Regulatory Guide 9 Takeover bids (RG 9) and RG 6."

    Thanks.

 
watchlist Created with Sketch. Add MYL (ASX) to my watchlist
(20min delay)
Last
4.6¢
Change
-0.001(2.13%)
Mkt cap ! $73.84M
Open High Low Value Volume
4.7¢ 4.7¢ 4.6¢ $22.28K 475.3K

Buyers (Bids)

No. Vol. Price($)
5 472194 4.6¢
 

Sellers (Offers)

Price($) Vol. No.
4.7¢ 55000 1
View Market Depth
Last trade - 15.54pm 21/10/2019 (20 minute delay) ?
(live)
Last
4.6¢
  Change
-0.001 ( 2.13 %)
Open High Low Volume
4.7¢ 4.7¢ 4.6¢ 343086
Last updated 15.54pm 21/10/2019 (live) ?
MYL (ASX) Chart
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.