Cairn - Results and Q&A Transcript, page-44

Joseph,

Re "then they will simply take as over at a lower rate"

That's how they generally work, to get most of the shares at a lower rate and then the rest, they are prepared to pay top price for; so if you are patient and sell at the end, you'll get the top price, not necessarily your top price.

Having said that though, if the Base Price is this low, then the top price will not be what we expect.
Countering against that, 60% is being held by the Top 20. It'll have to be a price acceptable to them; and what might that be is the question, and how desperate is the buyer.

From what CN said in the AFR article, I've got the gut feeling that they could even already have had nibbles?

KKW