bigger fish for bhp to fry, page-4

Substantial Shareholder Notice from Xstrata:

30/10/07: 20.5 mil shares (15.7%)

20/11/07: 20.5 mil shares (15.72%)

21/11/07: 20.6 mil shares (15.82%)

Xstrata are certainly not making much headway ---

JBM shares traded for the weeks ending: (check figures)

26/10/07: 7.8 million shares
02/11/07: 25 million shares
09/11/07: 8.2 million shares
16/11/07: 9 million shares
23/11/07: 3.5 mil shares (as @ 21st)
Total: 53.5 million shares

I received a call from Xstrata tonight asking me to accept the offer and reading off a spiel as to the fact I had virtually no other option as no higher bid would be received --- said with great authority --- etc, etc.

It made me think --- obviously Xstrata (I think) have not been buying on market -- otherwise their substantial shareholder notice would be increasing --- and maybe they are starting to worry

I had given up somewhat on a higher bid as the shares trade closer to the $23 --- but I wonder now --- Who have those 53.5 million shares? --- Obviously some or a lot may be the same shares re-circulating --- But?

Feel free to check my figures on weekly volumes.