Jossette the moment you reinstate the hybrids distribution the price will rise to around $55 to $65 (GNSPA - traded roughly in that when the demise wasn't imminent as did WFLPA before that folded) there is still substantial discount but not of the same amount as now.
I believe at around $75 you would get above 75% vote in favour of buyback at that price.
The issue is whether the predator waits or whether they mop up now - I think they will keep acquiring shares and will purchase hybrids on market but wont create an uplift in expectations until they are ready to play their hands. You dont mind overpaying if you are going to be able to take say 20% off the table - there is one large holder that they may well have done a deal with and they may well just be accumulating whilst they await the correct timing. In reality I think its only a matter of time. There is far too much noise for there not to be some smoke. Today's trade looked to me like the pattern was more normal. It did not rise as the buyers were happy to get milked slowly. would not be surprised if CBA has a whole stack of orders in @ 20c and is just picking up the volume.
ELD Price at posting:
20.0¢ Sentiment: None Disclosure: Held
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