Ann: Hancock Energy Fourth Supplementary Bidder's Statement, page-5

the biggest one is MacNiven who speaks for 11.27%, which is very much "material".
surely that has implications for WGO Board??? Hancock's 4th Statement is suggesting that?

if macNiven tried to unload 138m shares on-mkt, then WGO SP would plummet - so better off with cash from Hancock.
If they accept under Offer, then if Hancock increases its Offer price, then they get benefit of that increase.
If they sell on-mkt, then they they miss out on increase.