New Millennium the CON of the New millennium

mclellan - 3 Jan'06 - 18:16 - 3945 of 3948
bull3..hi...the guy I spoke to at Daniel Stewart wasn't much better ! He said that under their Articles of Association a Company can raise shares and not have to say where they are going. I pointed out that a billion shares was rather a lot and surely, if someone had over 5% or 3% , it would have to be notified. He then said he 'took the point' about that and would enquire since it wasn't him that dealt with NML.He advised me to pay attention to news coming out. I said I was rather more concerned that news WASN'T coming out!
He said he would ring me back if he was allowed to say anything. He hasn't yet...

Shouldn't you all be more worried about a point I've already made. The fact is that the issue of 1 billion shares would have incurred a Rule 9 takeover and this should have been announced - along with the names of the purchasers last year.

No one in their right mind would believe that all of the shareholders for this 1 billion are under 5% (Australian declarable limit), which means that there are only a few buyers, or even just one and they would have purchased enough to start the takeover process. The fact that they haven't means that the Takeovers and Mergers Panel should start enquiries.

As you all know, there has been much argument over the failure of the directors to apply the rules regarding directors declarations. I suggest that someone remind Gary now, that if they haven't got their house in order, they could be facing an enquiry and possibly some major fines for breach of the Takeover code.