Ann: Change in substantial holding from MIN, page-49

So where to from here - with around 20% of shares remaining in the hands of retail investors and "hedge funds" - I can't see neither STX or Hancock changing their offer with so little remaining on the table. Any increase in offer to try mop up say another 5-10% will come at a huge cost as they'll need to pay up to all of those who have already accepted. The only logical party to try and mop up a few more is MinRes or yet another party... again unlikely? Would MinRes be wanting to lodge a takeover offer this late in the game? I think probably not, and they'll just sit on 19.9%. I also can't see anyone else entering with not much to gain. So, is this now a stalemate? The only chance of something significant happening is if one of the big three sell their share to one of the others.

But then again, the "hedge funds" who have been buying up and above 36c and up to just over 40c would be doing so with a high probability expectation of making a profit - so what is their end game?