Hendrous,I think the market is pricing in the probability that...

Hendrous,

I think the market is pricing in the probability that this deal may not happen just as how when the market only knew of a 60 cent offer, the share price was below 40 cents. The share price offered seems reasonable compared to current share price, but is marginal in view of the other conditions attached to the offer. What are the likely outcomes if the SIP board refuses this offer and come up with a restructuring proposal of sorts to revitalise the company? How many of the current holders will keep holding?

On the other hand, what would happen if SIP recommend this offer? There are so many hoops to jump through, not least of which is Aspen getting funding for this takeover and the one about SIP restructuring debt repayments. Frankly SIP may just tell Aspen to jump in a lake.

I suspect Orbis are still hoovering up shares on the buy side. I don't know if there are any other institutional buyers. Would be reassuring to see some more institutions participating.