Its clear that someone snubbed their nose big time at ASIC with all the shifty SP manipulation stuff that went on over the past year.
Since the takeover announcement ~92m shares have traded and of those, 17m have been shorts getting out, which means 75m shares or 37.5% of the company has been bought by someone in the last 6 weeks.
Its either lots of independent buyers, keen to make 1.3% by May, or someone with an interest in secretly accumulating.
To get around the Substantial-Holding reporting requirements, someone shifty would simply have to set up multiple secret "arms length" entities, each accumulating less than 5%. And each entity would get a 1.3% return by May (plus a possible secret commission).
Of course, this is only speculation on my part...
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