I don't disagree with you that he is on the path to privatisation for the same reasons you mentioned above. Although he still has a fair amount of shares that have to be acquire to reach the 90% threshold.
Even if no other shareholder participated in the current CR and Abbotsleigh applied for the entire amount that is proposed to be raised, they still wouldn't have enough shares to reach the 90% threshold. That is, their shareholding would be ~135 million shares out of a total of 180 million SOI (~75%). They would still be ~27 million shares short of the 90% target.
Buying those shares on market is going to be difficult so I'm of the view that another bid will be made for the company later this year that will hopefully be more attractive than the previous offer.
That's just my opinion.
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