top 20 shareholders, page-15

I'm only speculating, you could be right.
In the 50c bid announcement on the 18th of July they held 18.6% according to the announcement. I'm going to take that as correct. The capital raising was tidied up back in last quarter per the quarterly cashflow report - so we know that the weren't diluted after the 18th of July.

They now hold 15.1%. That means they are holding 3.5% less than they were. THe lowest holder on the list is holding .27%. That means, if Hanlong is holding via satellites or other subsidiaries there would have to be 12 of them at least or else they would be on that list. Certainly a possibility, but i'm going to stay with selling.

Why would they sell for a measely 5-7% premium? I sold for 10% when i needed deposit for house, sold another time when I needed cash for wedding - didn't want to sell either time but I needed cash. Companies need cash as well. 5-7% of there holding might be to help buy bannerman or for some other venture - who knows, but it's not unthinkable they would redeem some of their interest if you are of the opinion they are not fair dinkum about a Take Over.

I see it from the other point of view, but I think they have bumped the price up with this offer and capitalised on it.
All MO.

Ta,
Beef.