Look at Huon Share register in previous Annual report, 75% of shares held where held concentrated in Benders and Regal Funds (not Forrest).
It still leaves 25%, or 22m shares which have no choice but to move over to Tassal if they want to keep their money in Australian Salmon producer.
The graph below shows TGR, HUO share price, and TGR/HUO which is how many Huon shares could buy one Tassal share, as of Friday it only took 1.2 Huon shares to buy 1 Tassal share, which is a pretty good deal compared to prices this year.
On monday HUO SP will go towards 3.85, and the ratio of TGR/HUO will be about 0.88, which will have to be very tempting for a percentage of those 22m Huon shares. It could move very quickly, i wouldnt be too surprised if we see price parity on Monday, i.e TGR at $3.85, well beyond the 5%, and thats without shorters coming into it.
Why would you short Tassals *now*?, page-796
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