Ann: Essential and TLEA to enter into Scheme of Arrangement, page-112

The buying that has occurred since the scheme announcement is not by the bidder.

Some large shareholders offloaded at around 50c; others bought in.

My read is that some decided that a quick profit was better than waiting; and others saw that ESS will not be sold for 50c.

I can see no way that the bidder can get 50c.

Did the callers tell you who they were working on behalf of?

I would be very surprised if it wasnt the bidder trying to gauge if they need to up the ante.

Reaching a no vote at 50c is quite problematic given it will slow them down plenty. But they dont want to pay more than they think we will accept.