Two thirds the way there. A really well executed takeover....

Two thirds the way there. A really well executed takeover. Pretty much an inside job with the director of the bidder, Andrea Betti, also being appointed a director of the target on 21 November when the bidder was at one-third acceptances and declaring unconditional - and the existing directors having previously welcomed the bid with open arms and liquidating their holdings.

No white knight emerging - a bit late now with two-thirds now in the bag and owned by the bidder apart from some payments outstanding.

As well as an off-market takeover the supplementary bidder statement makes it also an on-market takeover with the bidder able to buy shares on-market also up to the 45 cents bid price.

This is breaking new ground for me. Have not seen a takeover like this before where off-market bidder also buying (and able to buy) on-market.

Harvest Lane have a blocking stake re compulsory acquisition and could hold out till the end and sit there with their 10.03% stake - but will they? Harvest Lane seem to be just that. A M&A arbitrage harvester feeding on M&A activity. They are not there to hold out beyond the end date and be caught with a minority holding, getting subsequently squeezed out with dilution.

Really hard to see anyone getting more than 45 cents, including Harvest Lane, but you never know. If there is a white knight, Kedalion will either have to pay everyone some more money to up their bid or they will profit on their two-thirds shareholding above the current 45 cents if they fold.

Have sold out on-market for one of my holdings, as 45 cents now with a small amount of brokerage is better than waiting a month to get paid but will sit out a little longer on the other holding and play the spectator sport - unfortunately - as my view is that shareholders are short-changed on value - not their fault, but directors had let CNR run out of cash at only $1.1m in the kitty at 30 September and saying all is okay as they are just doing internal mining studies.

AP, take a bow.