it has to be an agreed bid because of the controlling shareholders. Iress just offered twice the mkt cap for OVH. The fact is, whether its worth $18m or $60m, its a drop in the bucket compared to the P/E advantage for a highly rated player to add not insignificant FUA. A scrip bid would be a classic play, swapping expensive shares for inexpensive shares. XPL has more of a broker model, which should have a lot of marketing appeal in such volatile times if managed correctly.
The new MD seems to be turning things around internally, and presents articulately. Its a real sleeper in the portfolio, but sometimes seeds seem to take ages to first sprout and then all of a sudden its a viable plant.
XPL Price at posting:
5.5¢ Sentiment: Buy Disclosure: Held