Ann: Investor Presentation, page-46

Who would buy at the offer price (8.5cent) when you can buy at 8 cent in 2 weeks time - it makes no sense....and until the deal is done, no incremental buyer would risk buying due to uncertainty (any number of rationale reasons for this). So its quiet time until the deal is complete, then we shall see where we go. No need to judge it after day 1 of the deal, but give it a few weeks/months and we should be significantly higher. Imagine an incremental new buyer wants to do some work on EWC - there's no published research, coverage, analyst models etc. So, they have to rely on company updates and management - neither will be updated or prepared to speak until after the deal and when we have momentum. sit tight, take up your rights or not, it doesn't matter to the company as they get the money regardless.