fair value, page-5

in my view, given the importance placed by the NQM Board on consolidating Pajingo (in recommending HSK's bid over CQT's) unless the mystery box is substantially higher and in cash, the NQM Board can't recommend it. CQT's bid is now the only bid that can consolidate Pajingo.

consequently while I think the MB is real, I don't think we'll get another bid.

it's kind of like Klein went through the IER and worked backwards - price needs to be 40c, check, consolidate Pajngo, check, etc etc.

it's idle speculation, but I'm guessing that CQT will get all of Acorn's shares, and all of the shares HSK got before its bid lapsed, so 50% plus is a given. 90% is more problematic, and CQT may have to put a bit more on the table to get there.