This review of operations at this point of time is out of...

This review of operations at this point of time is out of character unless something is afoot. Despite denials after the AFR article it seems obvious that there is real concern that a takeover offer, either friendly or hostile, is pending. The question is how much is ARA willing to pay and would there ever likely be a counter offer. Certainly an offer would need to be above 1.30 to have any chance of success and 1.40 would motivate most holders to sell. Does ARA lie doggo for a few weeks until the dust settles or do they make a preemptive strike. Who knows? But time will tell. I certainly wouldn't be selling into the current market.