Apple Oil & Gas, registered in the British Virgin Islands and listed on the Ofex market, has built up a stake of more than 17 per cent in exploration group Aminex less than a week before Aminex shareholders meet at an extraordinary meeting to approve a 6.9p sterling cash distribution to shareholders.

If that distribution goes ahead, it would have a fundamental effect on the bid from Apple which is based heavily on access to Aminex's cash reserves. Aminex will need 75 per cent support, but given that Apple only has 17 per cent irrevocable acceptances and does not actually own the shares, it is not in a position to vote against the special resolution. It will, as a result, be depending on those shareholders who gave the acceptances to oppose the resolution.

Last week, Apple mounted an audacious takeover bid for Aminex of just 2.36p sterling per share - compared to the 27p price in the market - as well as a commitment to sell Aminex's non-cash assets and return some of the proceeds to shareholders.

The perception at the time was that the cash-in-the-future bid from Apple was unlikely to get much of a response from Aminex shareholders. So the fact that Apple has persuaded two substantial shareholders, Forest Nominees and Channel Hotels & Properties, to accept its bid is noteworthy.

Channel Hotels has given an irrevocable acceptance for its 4.2 per cent while Forest Nominees has given a similar commitment in respect of a 12.9 per cent stake.