it has to be an agreed bid because of the controlling...

it has to be an agreed bid because of the controlling shareholders. Iress just offered twice the mkt cap for OVH. The fact is, whether its worth $18m or $60m, its a drop in the bucket compared to the P/E advantage for a highly rated player to add not insignificant FUA. A scrip bid would be a classic play, swapping expensive shares for inexpensive shares. XPL has more of a broker model, which should have a lot of marketing appeal in such volatile times if managed correctly.

The new MD seems to be turning things around internally, and presents articulately. Its a real sleeper in the portfolio, but sometimes seeds seem to take ages to first sprout and then all of a sudden its a viable plant.