45c less 32.5c = 38.5%, page-10

IMO, once SDL lost it's cornerstone investor / take over defence, it was never going to be allowed to get to production in it's current form. SDL shareholders are not needed to progress the project forward anymore, and the major shareholders do not expect, or hold shares because they want SDL to progress forward as the developer. A Chinese company saw an opportunity, they took it. Now the only other major investors on the SDL register are hedge funds who look to make money via arbitrage (buy in price vs take over price), rather than via long term investment or from gambling and 'taking on' suitors to try and extract another 10%, against the advice of the board.

Matt747, I think your predictions will be proven completely wrong. I just hope there aren't holders out there who are pinning their hopes on your analysis of this situation. Anyway, time will tell.