Ann: Market Update, page-18

Now that we know the price range (25 to 40c), I'm not sure there is anything else I need to know. (If there is price sensitive information that is not on the ASX, then the company has other problems.) I'm not trying to sound arrogant, but as a small retail shareholder, I can buy as much as I need below 25c. This is especially true now that Contango has recently lost a significant amount of FUMA (ASX:CGA; 25-Sep-17 announcement) and appear to be selling whenever there is liquidity across their portfolio (e.g. ASX:VEE; 2-Oct-17 announcement). My guess is Contango knew about a capital raise at a premium and were still happy to offload at market prices. They still have c 5m in JKL stock. So a micro cap or small cap fund managers could probably build a decent position by taking what is left off Contango on or off-market (and at current prices pocket c30% over a two month period if shares trade at 25c post-acquisition... 25c is plausible, 40c less so).