Very close to the bone. I dumped my shares when this theory was put to me a little while back. It's just not going north of here (give or take) and the funds are better deployed elsewhere. There is a lot of effort being made to ensure this is effectively capped to limit eventual liabilities to get all of the shares and make this a 100% TF company (with a few friends in tow) - at least prior to it being turned over.
If you look at the Irish Takeover Panel website and download the rules, embedded within Rule 9 is this ....
".....who holds securities which confer more than 50% of the voting rights in a relevant company may acquire additional securities of that company without incurring an obligation under Rule 9.1. "
So it looks as if now Tosca hold over 50% they can acquire as much as they like WITHOUT the need to make a mandatory offer for the whole company. i.e. Their Rule 9 waiver is now permanent (unless San Leon issues a lot more shares and dilutes Tosca's holding below 50% which I don't see happening.
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