Gina would not necessarily need board approval. She could make a on- or off-market bid. And let's not forget how she got around the restriction on buying shares on-market at a price above her initial offer price with Warrego (i.e. with a little help from Chris Ellison). I think the next week or so is the perfect time. First, because of the reason you state--prior to the ED upgrades being announced. Hancock Energy will know what the outcome is likely to be before anyone else. If there is, say, a 25-30% increase in 2P reserves for WE, then this is bound to be reflected in the price. People may also be more willing to accept any offer while the results of the strategic review are still pending and the forward drilling schedule remains unclear. I think there are some people might be willing to accept a lowball offer while this uncertainty remains. Also, if they launched a bid before the end of the financial year, there are many who might also benefit from selling half their parcel on market prior to the end of the financial year, and will then offload the rest of their holding in the new financial year by accepting into the offer. Minimising apital gains tax is an important consideration for many people. And predator could potentially exploit these dynamics to acquire their initial (blocking) stake. Finally, you have to ask, can the price realistically go any lower, even accounting for some tax loss selling? We are currently trading for what WGO was sold for. Anyway, I don't know what will happen. But I do think this is another high-risk period.
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