Ann: Change in substantial holding, page-30

For all the people speculating on what might be ht erpcie for a T/O.
IMVHO the best way to play it is wait. Let The Bidder put up a part 1 Statement.
Let the company reply. They will put a value on Revision and Nifty.
You then consider if the statement on the value of Renison is true (largely likely). And the one on Nifty (unlikely).
Then make a decision say- The value for Renison plus half what they value Nifty at. I recon that gets us close to 50c.

If the bidders price gets close to that you say good enough or not.
Like I said on the W/E. We don't need to do it the the Major Fund managers will do it for us.
We need the bidder to tip their hand saying how much of the co. they have got e.g 21 % plus oral acceptances for another 20%.

That's how the T/O for AVB by OZL played out and its the most recent one I've been in. Note AVB's mine was largely Cu (in Brazil) and somewhat impacted but they were keeping that a secret. Cu price (and more importantly expected) is a major issue.

In summary wait and get armed with the facts IMVHO.

Sorry if I've offended anyone and / or stated a strategy too early.