Normally the insto holders act as the “sensible” party in any...

Normally the insto holders act as the “sensible” party in any TO. If an offer is below the true value they will tell the bidder they are dreaming and the bidder will come back with a better offer or the TO will be called off. EGA is unusual in that we only had one insto holder (Lion) and they accepted a pre-bid deal. This TO is a pure small shareholders verses the board/bidder situation. It is going to be interesting no matter the outcome.