50 cents is the floor but I guess a little bit of risk reflected...

50 cents is the floor but I guess a little bit of risk reflected in the SP that the deal may not go ahead.

But this isn't just a "bid" where the chances of completing a deal are a lot lower, this is a Scheme of arrangement where both parties have agreed key terms a price (subject to a superior offer).

So personally, I think it would be foolish to sell at below 50 cents when it's somewhat likely we will be looking at 60,70, 80 cents when either a superior offer is presented, or, the report commissioned by ESS shows that the offer price is on the low side and should be sweetened.

Hence this is definitely a HOLD for me as I am expecting at least another 20%+ from the 50 cent initial offer.

But then again I am an investor, and not a trader flipping for pips.