ASX Today, page-86

L

I agree with all except your last 2 paragraphs.

There may have been displeasure by the retail holders at not getting a bite of the cherry at 8.5, but at least our holdings would now not be valued at 7.5c. Likely, we would have bought the stock SIs/Instos were dropping back in at a few pip profits, keeping the SP in the high 8's.

No one is going to "put their money where their mouth is" and buy shares at a 1c premium to what they can get them on the market. There is no benefit to doing it and that has been the downfall of management's play here. Also, leaving open the register for such a long time is utter stupidity in my experience and has never resulted in a favourable outcome for holders at the date of the CR announcement. Also, doing this in tandem with no option offer leaves the PR open to not being filled, as I am predicting will be the case here. If I was getting options on an 8.5c share, I would still take part at these SP. This incentive is however not available.

This is the market reacting to a play by management, and management has been wrong. The market is always correct. This is a lesson for SAS management, we are not at fault here. If the offer is not enticing, why should we partake?