Ann: Change in substantial holding, page-2

Interesting times, Harvest Lane Asset Management do this full time, buy on M&A activity, and have now topped up a decent number of shares at 24.5-24.75c taking them to 6.5%. Not sure what their normal method is and if they try to get to the 10% mark, at a reasonable price, so they can have a blocking stake and be invited to the table for final price negotiation.

If the highest they are willing to pay is 24.75c then I guess we need to look at what return they would be willing to accept on that, but it is safe to say now that a minimum of 25c is what they would accept and more likely higher.

But we still have to sit back for a while and watch as Bell has exclusivity until 2nd Dec which can be extended by another 5 business days if they are close to an agreement.