BKW's true intent and Pivacs roles, page-9

I think I'm leaning more towards scenario 2 now, FBR foresee a TO in the know, and whoever is the potential bidder will not be making any on market buys at all, as ASX rule states bidder can not vote off market TO offer, so obviously the best chance is off market bidders will refrain from on market position build up at all, which also invalidate the chance BKW is an off market bidder as if they are they leave the only 88% of market to have a say against then instead of close to 100%, and now I don't believe they are an on market bidder at all either given the recent $2m placement at 1.8c, meaning Pivacs have a close relationship/deal with them behind the scene.

So obvious that FBR built up BKW's stake intentionally as a backbone to Pivacs to defend any other on or off market TO attemp.

This all tie up now logically.