Ann: Becoming a substantial holder , page-16

its interesting that they are STILL accumulating at prices slightly above $1.49 !

with a cash offer of $1.52 thats now not much of a margin for them imho.

having said that, at least with the A$ rising, they are on the right side of the ledger when they sell out of BOW.

if they fund their $1.49 purchases at 5% for say 3 mths, that adds 1.86c to the cost of each share. if they hedge their FX, then that will also add cost.

so without a counter-bidder, they won't make much out of this bet imho.