Once the offer is capable of acceptance we will see the market's...

Once the offer is capable of acceptance we will see the market's response to the offer as acceptances trickle in and BPC are required to progressively update us on their increased holdings. If this goes slowly as we approach the scheduled close of the offer on 19 Sept, then things could get interesting, especially if they don't get past 50%. I expect us to get an indication of how MMAM will play their hand fairly soon after the offer opens. If they hold until late and BPC struggle with acceptances then MMAM may not have to rock the boat so it really depends on how the other NDO holders react.

Call me desperate if you like but I am hoping we see NDO holders show some intestinal fortitude which may force BPC to up the ante. My intention is to hold until as late as possible and only accept when or if it becomes clear that BPC have close to 90%.

ANZ