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SMM take over by PDN

Discussion in 'Beginner's Lounge' started by ozeb, Apr 19, 2007.

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  1. ozeb

    ozeb

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    Hi guys,

    wondering if someone could help me understand what my position is a bit better.
    I understand that Summit resources has agreed with PDN for the take over.
    I have purchased some Summit shares since the agreement (basically as I forgot to remove it from my outstanding list)
    I am wondering if I am :
    a) allowed to sell these shares to PDN at their new offer price
    b) still hold on to them, and if I do, what happens to them after April 27th when PDN has closed their offer period

    and what normally happens to people who still hold shares of a company which has been taken over but have not sold it to the new company?

    Please help
     
  2. Prospector

    Prospector Not a scaredy cat anymore

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    Normally any left over shares are converted over when a certain percentage of shares are sold to the new entity. I am thinking there would be something in the prospectus about what will happen, which would also be available in the ASX notices section.

    Do you still have the notice sent to you? If not, send an email from Paladdin's website located here:

    http://www.paladinresources.com.au/contact_us.4.html


    They replied within 24 hours to one of my queries last week.
     
  3. ozeb

    ozeb

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    cool. thanks for that. am waiting on reply from them.
     
  4. rue

    rue

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    Hi, did you get a reply from PDN about what happens if you do not accept the transaction?
    I just set my transfer acceptance form today simply bcz i dont what else to do :confused:

    I also noticed the volume SMM holders has jumped significantly today.. just to confuse me even more.
     
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