Ann: Target's Statement and Independent Expert's Report, page-188

Some will sell at 4.2c (or whatever Redstone final offer is) and take a loss because that is all part of investing. Anyone who has never taken a loss is either a liar or has never owned more than one share. HSBC will not be emotional about this, they will look at the offer and the alternatives and then decide. The buy price is irrelevant. The only consideration should be what can I get for this stock and what am I likely to get if I hold on. If HSBC saw more value they would have been buying more last year at 1.5c. Their biggest problem is offloading such a large amount without moving the price down. This offer gets them around that.

If we both had the same amount of shares but paid different amounts the price we paid is irrelevant to everyone else apart from each individual. Institutions know this, a lot of individuals don't and so hold as they cannot face loss (look at all the sad people who paid 20, 50c and more but cannot face facts) . Redstone will get 55-60% by the end and another 20% if FMG jump aboard. The only new offer likely is if they up theirs a little to get lure some more sellers which I think is a 50/50 proposition . Then Atlas liquidity will be much reduced and it will be a long slow process of nothing as Redstone will just sit.