A bird in the hand is worth 2 in the bush. DFE is still not the only outcome it just seems preferable to a protracted administration process like at Arrium. We can only speculate but Anchorage can always change their mind, if they firesale and return 50c on assets that cost 30c it's still a huge win.
No-one can know what Anchorage will do but what is certain is that they will get SWC's shares without buying them off him as he is bottom of the queue.
SGH Price at posting:
9.4¢ Sentiment: Sell Disclosure: Not Held