Ann: Change in substantial holding, page-3

so a pathetic 7.4M shares over 1 week.
So begs the question, who bought that 46M on 12 May for 141c or the 5M on 19 May ?

At this rate, AF will not reach 75% before the new deadline and needs its not so friendly junk bond holder UBS to flip its 6% but they clearly are not doing it as they were buying at 150c -250c & so are underwater.

Looks like 25% are firm holdouts and wont listen to AF or their own BOD.
Looks like the delisting bluff was called.
Imagine ASX would refuse such an application anyway with 50,000 holders as it should remain public.
So then up the bid or start mass dilution and endless litigation.

We know AF doesnt like involving the FEDs or ASX compliance or ASX takeover panel teams but could fund litigation a while instead of buying shares at a higher price.

AF should either up the bid or call it off and move to flip the BOD and cut out BHP and issue a SPP at 140c to fund a new mill taking 4 years & $400M to build. This would mass dilute the current holders & spark litigation shafting the remaining holders like he has done before in ANL AHZ POS AGO.

Wonder what he will do next.
My guess he will increase the bid to 150c but I dont think this will get him to 80% either so why bother.
Let them keep their shares yet he didnt allow that in AGO ANL WSA Noront.