sale of kah shares by henderson , page-10

Kalahari has not had a top 20 update since December 20th, and the share volume has dropped off.

I wouldn't expect acceptances to occur until the last day of the offer, as holders would be waiting to see whether another offer is made.

I dont think the major holders would be eager to sell at the current offer price, but they also may not be keen to hold the stock through to production.
They (like us) would be weighing up the likelihood of the offer being raised to a more attractive level, versus a fall in price if the offer is withdrawn, and the need to participate in the capital raising to bring the company to production.

CGNPC would be weighing up the cost of purchasing now, versus the cost to purchase later - after capital has been raised, and the project has begun.

Sometime next year, we will have a further resource upgrade, which may have an impact on the overall purchase cost.

Extract could conceivably finance the plant through taking on another cornerstone investor which would dilute the holding of existing shareholders.

I wonder whether Rio might potentially take court action to stop that occurring. Are there any examples of Rio doing this kind of thing?