Ann: FML: Focus Extends Exclusivity with Horizon Minerals, page-58

10 cents or 20 cents come the announcement? I found trying to read the tea leaves through buying and selling depths quite confusing. If the deal was going ahead, it seems logical that there would have been a lot of buying into HRZ, but towards the end of the week buying depth fell away markedly. It was only a handful of trades which stopped us dropping to 13 cents. On this basis I would imagine the deal not going ahead for HRZ.
However, if the deal was not going ahead for HRZ, this would indicate that FML was taking a better offer. On this basis buying into and the sp for FML should have risen strongly, it dropped. Confusing.
The best scenario I can imagine to fit this pattern is that there was a better offer but it was only slightly better and we have again matched it. Disappointment for FML, that they did not receive a much better offer, and disappointment for us, that we are again paying more.
Clutching at straws? Probably. As DF says ‘we wait’. But not much longer.