turnover and churn

with todays turnover of about 28m shares, that makes for a turnover of about 240m since the t/o was announced.

so thats about 25% of total issued capital traded in just 4 days.

whilst a big slice of this t/over will be "churn", its such a big number that a good number of shares traded will held, and not churned.

these purchasers can really only be purchasers who are betting of a higher offer (ie hedge funds), or a competitor building a position.

If its the latter, I would not expect a counter offer until those reserves figures are announced in the IER.

if its hedge funds we won't know until the Scheme vote - but invariably they will accept the t/o.

Given that its an all-scrip offer, one would think that the hedge funds have taken a bullish view on the future prospects of STO. I gues also that they may have shorted STO and expect to cover that position with STO scrip from the t/o?