FJ getting the last few million million shares (53 million to be precise) to secure their initial 10% pushed the SP from around 8c to 14c in a very short space of time. Once they got there it fell back rapidly of course. They subsequently topped up in the CRs to maintain and slightly increase their % and their average cost is around 8.4c - I believe that this is an incredibly important metric.
I really cant see WPL or anyone else getting to 51% "very quickly" on market without the SP going ballistic.
Yes, what FJ ultimately do will be pivotal. Unfortunately, the Board have so many cheapies that they can let go for a song and still pop corks at State of grace or Collins quarter. Fortunately, they will have FJ watching them very closely and I don't for a minute believe that FJ with its 452m shares/$38m investment is just sitting back passively speculating like us plebs.
Notwithstanding the cheapies, I'm quietly confident that CN and team will pull out the stops in a very professional manner to get a great result.
Article in Australian, page-145
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