SXP - SAPEX Limited

[Dukey]

Re: merger with LNC. I had decided to hang on to my options for a bit to see if another party turned up. Nothing much happening, and was getting close to cashing in - but last week there was an interesting development.... though I'm not sure if it's really significant.

27 June announcement - MM&E Capital - becoming substantial holders of SXP after buying up 5.3% of SXP shares from the 12th June.

So now I'm wondering... why would they do this now, unless they think there is a chance of another bidder for SXP turning up?? I mean if they want LNC - they could just buy it now at $3.70 = to the recent funding deal.

What do people think - do MM&E have an inkling of something we don't know about? ... or are they just taking a punt?

- dukey.

EDIT: interestingly one of MM&E's funds is called the Takeover target fund! (see bottom of this link)
http://www.mmecapital.com.au/content.asp?nodeid=3

Well... LNC up to 17 odd % holding of SXP now - so I'd punt that it's all over bar the paperwork. I'll take my cash, rather than wait any longer!!

Bye SXP - + 100% - you were good to me for a short time!!!!!!!!

 

[Dukey]

MMmm - could still be some interesting goings on here - just noticed MM&E capital have got to 10.2% stake in SXP. ...
10% has been mentioned elsewhere (RPM thread i think) as being enough equity to block a takeover..... not sure if that applies generally or if the rules change case to case....

Can anyone confirm that 10% is a general 'blocking' stake?

-not that it matters - I took my profits as previously mentioned!!

(hope that won't turn into ) !!

-dukey

 

[grace]

Can anyone confirm that 10% is a general 'blocking' stake?

--dukey

Pretty sure that you need 90% to be able to take over the remaining 10% of shares you don't hold. I thought this was across the board.

 

[In-consistant]

What I can't understand is SXP's charting performance? it's been recieving alot of attention, more buyers and of course sum sellers, but why is it that SXP has lost it's spring in its step.
All it's been doing now for the past month is act like stale mouldy bread. As stiff as a board. SXP managment must be crap, to $%&#@ hell with it.
Waste of good clean energy, time and money.