RE:No Video...I have read NI 62-104 on this. Like all securities laws and national instruments the language is somewhat cryptic.
Anyway, the private purchase exemption is available. The spirit of it is that it is okay to buyout a small number of willing holders positions as long as you have not engaged in wider solicitations to find these sellers. If you did that you would be expected to go to all shareholders formally and make an offer.
If the seller ought to have known that the purchaser was going to use this exemption and that they were going to sell to them, they have to look at the number of people they acquired these from and that would set the limit on what they could resell under the exemption (not exceeding 4 original holders).
OK, they bought 16.92M shares from no more than 4 entities. That is an average holding of 4.23M shares each, if there were infact 4. That is like a $600K position each. Hmmm.......... these look like more institutional investors with larger positions. Why do they want to sell to OSK near market?
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4.2 (1) A take-over bid is exempt from Part 2 if all of the following conditions are satisfied:
(a) purchases are made from not more than 5 persons in the aggregate, including persons located outside the local jurisdiction;
(b) the bid is not made generally to security holders of the class of securities that is the subject of the bid, so long as there are more than 5 security holders of the class;
(c) if there is a published market for the securities acquired, the value of the consideration paid for any of the securities, including brokerage fees or commissions, is not greater than 115% of the market price of the securities at the date of the bid as determined in accordance with section 1.11;
(d) if there is no published market for the securities acquired, there is a reasonable basis for determining that the value of the consideration paid for any of the securities is not greater than 115% of the value of the securities.
(2) In subsection (1), if an offeror makes an offer to acquire securities from a person and the offeror knows or ought to know after reasonable enquiry that
(a) the person acquired the securities in order that the offeror might make use of the exemption under subsection (1), then each person from whom those securities were acquired must be included in the determination of the number of persons to whom an offer to acquire has been made, or
(b) the person from whom the acquisition is being made is acting as a nominee, agent, trustee, executor, administrator or other legal representative for one or more other persons having a direct beneficial interest in those securities, then each of those other persons must be included in the determination of the number of persons to whom an offer to acquire has been made.