Ann: CZA: Third Notice of Variation Extending Universal Offer,CZA-UNV.AX, page-13

The CZA SP has fallen so much to 3c, and it seems no one really wants these shares with such bad liquidity, why buy cza when you can buy unv and get CZA free, even at 19c you will also be given cash + free shares at current prices.

If someone doesn't make the SP go back to 5c they may have to revise the deal (and offer something like 1.5 shares) incase someone puts a request into ASIC to stop the deal for a fair offer, due to the delays and change in value of CZA. If that's the case it may be delayed even further id say...

TAX on capital gain will be based on 25c if the offer goes through as is, even if CZA is 2c.