Ann: Poseidon receives binding conditional proposal, page-114

Troy, are you referring to BMM buying shares though other intermediaries for a while?

If you are, it's clear to me that they haven't been acquiring shares through any other channels prior to last Thursday (16 Aug). That's the date in which BMM became substantial holders (per Friday's Form 603). Section 2 of that Form shows that the number of shares acquired from JB exactly matches BMMs total holdings, meaning that it's only the JB shares in their holdings at the time of the announcement. It is possible they may have been actively buying in the market on Friday (i.e. after the Form 603 announcement).

Reading between the lines from the POS announcement, I'd wager that they (BMM) are not entirely comfortable with POS management releasing the binding conditional proposal information to the market. But it will most likely have been explained to them by their advisors why POS management felt the need to do it (i.e. playing a cautious straight bat re- the Corporations Act, considering our very recent history, whilst also using protections afforded by the Act (regarding exceptions to maintaining confidentiality clauses) to hopefully trigger some competitive bidding pressure).

It's fascinating stuff to watch... the delicate manoeuvres and deft subtle posturing. Just waiting now for someone to fire a canon ball into this delicate waltz to really liven things up! (lol)