Ann: Variation of Takeover Bid, page-34

Pretty much my thinking, while I think it may go higher if Nord counter and SG bounce straight back then I think I'll be confident enough to pledge knowing SG is likely to keep outbidding Nord. I can take some money off the table by them offering accelerated payment at the current bid.

My rationale is the directors pledged their shares to SG so are fairly confident they will be the highest bidder and right now there is a fair bit of evidence to back that up. They also desperately need gold.