Ann: WGO: Strike's First Supplementary Bidder's Statement, page-368

@Base1864 ... Whoever gets ultimate control needs to get over 90% for compulsory acquisition of the remaining shares, so if the hedge fund/s do get to over 10% then yes they can negotiate a higher price for themselves. They could also come unstuck if everyone, including Gina went for the Strike offer, and they ended up with less than 10%.

None of us knows the real intentions of any of these major players, as it's possible WGO remains listed with no-one getting majority of shares. What we do know is that whoever was buying up millions of shares this afternoon in Warrego expects to make money out of it, so they are expecting a higher bid than Gina's current 36c, (if she gains 40%).

Any of us, with a deep enough pocket could do as the hedge fund is doing, but we don't have much negotiating power with 0.005% of all shares in Warrego (over 600,000 shares for this low percentage)