We don't know yet if they have swap their shares.The top 20...

Nwe was happily trading at 5.8-6.0 cents before the offer.
I don't care if the price drifts back a little, the market said it was worth 5.8 -6.0 per share.
With spudding imminent. The price of NWE would have gone up a little.
The way I see it is, that when drilling starts NWE will start to go north.
With a successful drill NWE will go up more than what was the "implied" offer of 7.4 cents.

We don't know yet if they have swap their shares.
The top 20 tomorrow may tell us.