new substantial holder, page-4

Yes I suspect that UBS are playing a game of poker and will bluff for higher stakes. There may be others not far off the 5% mark too given the volume over the last few weeks.

The question is how much will they sell for? At the commencement of the takeover I though $1.20-1.30 would do it. Would they be happy with $1.10 in current market?

Obviously ZFX would prefer acceptance during the takeover period but may be happy to acquire large parcels like UBS during the period before the next allowable attempt. We could see them drop the current offer and then work with the larger holders to get to the 19.9% preparatory to next move in a few months. I do think they need to make a decision either way - up the offer now or drop - as there would be other moves they should be making.