My understanding is that if a higher bidder arrives before Friday this week, then they get the Appian shares and OZ hold 1.5%. From Friday they hold the Appian shares regardless and pay cash to Appian if a higher TO offer arises. If no higher TO offer they get BR 11%. So if no further offer they hold 31% plus any further acceptances.
I suspect somewhere of the order of 10% have been bought online recently. If they are in it for a quick buck with the potential upside of a TO bid then if no TO that 10% ('ish) will go to OZL, IMHO.
Currently if no TO arises I suspect they could be around 40%.
Just my opinion.
AVB Price at posting:
16.0¢ Sentiment: Hold Disclosure: Held
