07/05/2008 - 22:00

The Lighter Note: So much for the jetset life

07/05/2008 - 22:00


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HERE at the Note we often imagine what it’s like to be a fly on the wall when the big deals are brokered. Alas, the detail is often left out in the announcements we peruse. So it was with some delight that we immersed ourselves in the detail of iron ore miner Midwest Corporation Ltd’s recent response to an ASX query regarding its trading halt and share price rise last week. Defending its disclosures, Midwest provided more than the usual snapshot of deal-brokering, revealing the gruelling schedule of meetings that Midwest directors Steven Chong (pictured) and David Law held with Sinosteel Corporation representatives to settle their differences. According to Midwest, a meeting took place in Kuala Lumpur between Mr Chong, Mr Law and Sinosteel representatives Tony Cheng and Michael Wu on Sunday April 27. That meeting started at 10am and broke up in the evening, before an agreement was reached. Minus Mr Law, the talkative parties continued discussions on a plane trip the following day which arrived in Perth at 3:30pm during which an agreed takeover price was reached. Mr Chong then went on to meet with Midwest advisors at a 5pm meeting, the day before the company recommended the takeover offer and just after pressing the print button on its original target statement that recommended rejecting Sinosteel’s initial offer.


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