Actually now that I think about it, the ECL investment arm could...

Actually now that I think about it, the ECL investment arm could buy ECL shares and actually make more money than what it has over the past few years.

The question becomes, is it allowed to buy its own shares, maybe the board might go for a 10% or greater buyback?

Lets think this through;

There is 8 months till end August, so the creep provision would allow a 6% increase in holdings. this would take the major shareholders ownership to 16,623,063 shares. The board announces a 10% buyback leaving 26,095,021 listed share. Major holder then has 63.7% holding.

Then September to October a takeover at a price that LCE is happy with gives the major shareholder >75% of shares only 15% shy of a compulsory takeover.

It is interesting the number of permutations that can occur and the SP never reaches the $4.20/share value