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Gold/Mining/Energy : SOUTHERNERA (t.SUF) -- Ignore unavailable to you. Want to Upgrade?

To: PHILLIP FLOTOW who wrote (4439)	9/3/1999 8:03:00 AM
From: gemsearcher	Read Replies (1) \| Respond to of 7235

Hello Phillip. As I understand it , SA law requires that an acquiror of a control block of a publicly-traded company make a "follow up" offer to the minority shareholders at the same price offered for the control block position. This is conceptually no different than U.S./Cdn. securities law. Interestingly (and this is where SA law differs) there is no SA equivalent to a "compulsory acquisition/squeeze -out" right in favour of the acquiror; i.e. under Cdn./U.S. law , if a certain %age of the minority tender to the follow-up offer , the acquiror can force the non-tendering minority to tender - IOW , a "going private" transaction. I would expect the bankable feasibility to address various scenarios - if SUF winds up with 70% , 80% or 90% etc. Regards and a good holiday weekend to all.