A question for Lou 64 Lou, Wyloo owns approximately 37% of all Noront shares at this time. I have seen you mentioning that Wyloo has a third party ( henchmen you call them) quietly purchasing shares on the open market for Wyloo. The question is , is this even legal? Lets say each of the 3 "henchman" collects 5% of Noront's shares on the open market. Can Wyloo just accept these shares as a gift, and magically say they now have 52% of Noront and now have full control?? Do they purchase the shares off of the Henchmen in a private deal ( outside) the open market?? Do they join forces and the new bidder would be Wyloo & Henchmen ( 37%+ 15%= 52% and full control) .
How does Wyloo get to 50.1% without disclosing insider intentions. I know at certain thresholds of ownership that they must declair they have achieved that threshold. 50.1 % i believe is one of those thresholds.
OR is this 1 of the reasons why they have not put in a formal bid as of yet?? So they can legally continue to accumulate and once they have reach a SOLID 50.1% ( fully diluted) then disclose. I am under the impression that once you put in a formal bid to acquire all of the shares you cannot continue to purchase on the open market. Or am i wrong there? Thanks in advance