same old problem, page-3

Sroyle

You are completely correct in your assumption that I am reading betwen the lines. The figure of $2 is a number that was discussed about 6 months ago as a required number to enable Instos to sell and the $1.50 I use is an arbitrary number based on current share price plus takeover premium.

Am I frustrated? Not in the literal sense of the word. I have been in this stock since Moses was a child and have every confidence that a deal will finally be struck. However, I have always worked on efficient market theory that states the share price will tell you what is happening way before the Company gets around to doing it! Thank God for leaky legal firms, investment banks and advisers generally!

My gut tells me that if one of the earlier data room entrants was interested in the company then the share price would still be hovering around the $1.25 level in anticipation of a $1.75 bid - the fact that it isn't (and that the company extended the deadline) tells me that they aren't exactly flush with interest. So, do I think that there will be a bidding war? Absolutely not. Do I think that there will be a deal at some level? Absolutely Yes.

Look at the process (and the result)of IRN opening a data room and I believe that that gives you a good indication of how things will pan out for SPH.