Ann: Improved POSCO proposal and intention to recommend, page-61

I have spent the day enjoying the consolidation of the share price at a higher level, but it is pretty obvious to me that this is not a full and final offer.


Volume just 3% of shares on issue, up and down to the manipulators delight, including the CPSA which jumped the price back to the 4.60 offer on a couple hundred thousand shares.

Todays market action was about managing expectations and having weak hands fold at the first sounds of gunfire.


With regards to the offer, did they put it on the back of an envelope?

They have had a huge exclusivity window and you would expect a proper document.

This is half-arsed at best and a dollar short at least.