turnover and churn, page-6

Acorn,

There's a very simple answer to your query best explained by two propositions.

1. Buy STO at market
2. Buy ESG at market

If you do 1 you pay market price, obviously.

If you do 2 you get a marginally cheaper entry into STO plus any upside for an improved bid. Downside for me is close to zero.

So the trade here is sell STO, buy ESG which explains ESG's volume. All IMHO of course. I bought more ESG on day 1 of takeover on this basis.

Cheers.