Ann: Trading Halt, page-29

Firstly, I'm with Ozjin ... very doubtful a T/O bid/offer would be categorised as a "material contract". A "contract" is normally an "agreement" - which, by design, happens at the end of a negotiation. We would well know by that stage.

That said, given the potential of CDY's offerings and, at the current price, one could easily understand why a T/O bid might be launched at some point.

One positive thing for retail holders is there is a very wide spread of holders - that is, the shares are not all concentrated in a just a few sets of hands. If a small group of holders held a large number of shares - well, that would be different. From memory, I think "Hawk's" group are still intact so they may be big enough to disrupt any ambitious plans.

At the end of the day, in a T/O bid, one would see the true colour of Dennis, David and Maria's flag when they made the Board's recommendation. I am sure they are underwater with the rest of us.