With only a few days to closing, if they already had acceptances from current holder. along with the original $2m, to bring them to 50% minimum to get the offer over the line then they would not need an additional $3m pledge.
This may suggest that many SHs are waiting to the last minute to apply for the shares, and the lead managers punted around for additional support to get this over the line
You do have to wonder why this offer came in so late in the proceedings. Where was Rogers in the original deal? I'm sure he would have been approached, and clearly didn't put his own money on the line.
It could be a market support effort. With 9m shares being held by Rogersit is a small price to pay to try and ensure there is a good news story to convince the waverers to partake.
The buy side is still well stacked at 1c, and again this may be at attempt to support the SP going into the final few days of the offer.
Closing auction may give a clue as to how this is going to be received by the traders.
OSL Price at posting:
1.1¢ Sentiment: None Disclosure: Not Held
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