The insto part of the CR was heavily oversubscribed and only 6%...

The insto part of the CR was heavily oversubscribed and only 6% of shares offered so no chance to get 10% or even close to it.

The updated article in the AFR clearly comes across as another miner is the buyer - they speculate it maybe RMS - based on recent activity Penny West, WGX, Musgrave, etc this approach, if it is RMS, is quite unlike their past M&A approach and when they are sitting on $600m in cash why only bid for 10% or even 20% and say will not be making a TO bid?

If Aust fund managers are saying no and Tembo are not interesting in anything below $1 the bidder may struggle to get to 10% which would be good for the SP.

8.6% is not much of a premium.

While I may be way off I won't be surprised to see this go materially above 90c today! Why because it is clear there are players wanting to buy SPR - speculation has been around for months it will be taken over. Many investors will want to buy SPR as they will be assuming a TO will come as some stage at a much higher price. Happens a lot once a bidder shows their hand. Will other bidders emerge?

only 90c?