RE: New HRG PR saying same thingFor those who do not have access to Stockwatch, here is the blurb...nothing new, but Severstal has modified the terms....they now have a "special two day settlement" WOW!!! What a crock!
I could well imagine the PR boys are hard at work trying to figure out how to tell the market their offer of .22 was silly, stupid, annoying, dishonest and doomed to fail. The HRG board now lacks any "credibility" (as if they had any in the first place).
Dear Severstal just up the bid please, way up!
CJ
High River takeover offer from Lybica Holdings
2009-07-22 19:47 ET - Takeover Bid
TSX bulletin 2009-0945
Lybica Holdings BV, an affiliate of ZAO Severstal Resources, the mining division of OAO Severstal, has made an offer dated June 24, 2009, to purchase all of the issued and outstanding common shares of the company not already held by the offeror and its affiliates, including shares that may become outstanding on the exercise of options, warrants or convertible debentures or other rights to acquire shares, at a price of 22 cents per share. The offer will expire at 5 p.m. (Toronto time) on July 31, 2009, unless extended or withdrawn.
The offeror reserves the right to withdraw the offer and not take up and pay for any shares deposited under the offer unless all of the conditions of the offer are satisfied or waived by the offeror at or prior to the expiry time. Reference should be made to Section 4 of the offer for full details of the conditions of the offer.
Shareholders wishing to accept the offer must deliver their share certificates together with duly completed and executed letters of transmittal to Equity Transfer & Trust Company at its principal office in Toronto, so as to be received there prior to the expiry time. Shareholders may follow the procedures for guaranteed delivery set forth in Section 3 of the offer, using the notice of guaranteed delivery or a manually signed facsimile thereof.
Mandatory trading and settlement rules
Purchasers may tender the shares purchased provided that such purchases are executed on or before the expiry time and provided that, when applicable, the notice of guaranteed delivery is completed and filed with the depositary on or before the expiry time.
Sellers of the shares must be in a position to deliver such shares in time for the purchaser either to tender the shares on or before the expiry time or to meet the third day delivery deadline on any notice of guaranteed delivery that may have been filed by the purchaser.
Notice of guaranteed delivery -- settlement procedure
The notice of guaranteed delivery must be completed and received by the depositary on or prior to the expiry time and the letter of transmittal along with the shares pertaining to the notice of guaranteed delivery must be received in Toronto on or prior to 5 p.m. (Toronto time) on the third Toronto Stock Exchange trading day after the expiry time.
Trading and settlement rules
- All trades on July 30, 2009 will be for regular settlement.
- All trades on July 31, 2009, will be for special two-day settlement on Aug. 5, 2009. These trades will be entered into the CDS system with a settlement date of Aug. 5, 2009.
Investors should contact their broker for information or advice on their investment.