buy, page-28

Noble Group won't roll over and accept this deal.

Noble Group currently holds 58,770,231 shares or 22.17% of TTY.
The unknown quantity is Michael Kiernan he holds 18,001,500 shares or 6.79% of TTY.
Maybe all the 'johnny come lately' shareholders don't realise that Michael's mate Richard has financed his stake. Neither, Michael or Richard will be happy with this deal, especially since their purchase price of TTY shares is well above the 46 cents.
Richard will be calling in a few favours from Michael, so we can now see that Noble effectively holds 76,771,731 shares or 28.96% of TTY. They only have to do a deal with DCM Decometal and the whole takeover by Exxaro will be 'dead in the water'.

If the Noble Group were prepared to up their offer for debt for equity conversion from 31.5 cents to 45 cents because someone was sniffing around then you can be sure that this is only the start of a protracted T/O.

The buyers today with the big 2.5 million buy orders also realise the above.

At 2 million tons pa. there is still 5 to 7 years of production left, and now is the time to be a producer.

Exxaro are trying to steal the company, but as TTY shareholders you can only blame yourselves for selling TTY so cheaply.
Maybe a few TTY Directors are trying to get shareholders are fair deal, and if Noble Group really want control they'll have to pay for it.
My bet is that we'll get another offer around 55 cents from Noble.