Ann: Change in substantial holding, page-13

Sylvestor
you make TOs seem easy. To succeed they need 90% acceptance which requires a good premium. The board who act in the interest of shareholders would need to get an independent valuation which would undoubtedly come up in the mid to high 30s . A takeover in the mid 20s is a very unlikely outcome . Furthermore even if a TO bid was made , it would put the company in play allowing others to bid above any low ball offer.

personally I would prefer the company is allowed to grow as medium term I do see a path to a 50c valuation, however with an entry on mid teens a 32 - 35 c bid now would be satisfactory