RE: Offer now officialI Googled "Section 3.4" etc because I couldn't believe the securities act requires a company to provide a shareholder list without first receiving a formal offer. The BC Securities Act came up first, which is appropriate since NHC is incorporated in BC.
Sure enough, according to the Act, if you make an offer or intend to make an offer, you are entitled to receive the shareholders list. However, in a subsequent section of the Act, it says the offeror has to provide an affadavit that the list will only be used for the purposes of making an offer.
Since Kramer is domiciled beyond the reach of Canadian Courts, this "won't use it for other purposes" promise is probably not enforceable.
There is another section of the Act which says if Kramer decides to take up only 51%, he is required to do it in proportion to the tendered shares. In other words, if he stops at 51%, everyone who tenders will end up being stuck with part of their shares.