Hi hongkie,I have followed takeovers for years and been lucky to...

Hi hongkie,

I have followed takeovers for years and been lucky to be involved in a few … the one thing I have learnt is retail always feels the offer is unfair and always disregards that the acquirer will be successful. The opposite is always the case.

Coincidently, the commentary last night from many had the bookbuild as attracting virtually no interest when what occurred was the opposite just 12 hours later. These buyout plays aren’t just spur of the moment buys but well organised by parties involved … the deals are pre-arranged with agreements in place … ie. the deal is done prior to the announcements.

Institutions have greater reasons to sell than retail, it’s about commissions and individual bonuses not solely the clients interest. It’s also about the scale of holdings and a function of time / cost which a lot of retail never consider.

Our interests are in Tembo and Delphis hands and I wouldn’t be that confident that either haven’t already sold us out … Or have binding agreements in place to do so.

Nevertheless there’s a long way to go in this story yet but amassing a blocking stake gives the acquirer a position of early power.

Wish you well with your holding.