If nobody writes back to retain their holdings it will amount to...

If nobody writes back to retain their holdings it will amount to roughly 50 million shares. That would be enough to wipe out the entire current buy side on the ASX, pushing the price down to 0.1c. Presumably they wouldn't do that... it would destroy a great deal of faith amongst present and potential holders.

Looking at the timing of the offer, the closing date, and the proposed settlement date would imply that Golden Rim are hoping that they will have positive news around this time. If they can swing that then hopefully there will be enough volume trading on the market to cover the small holdings deal.

Nevertheless, it will represent a degree of increased resistance.