ESS Chart, page-763

Volume has likely dropped off as the arbitrage traders' margin has thinned. There is not much point locking up capital for four months for half a cent. On the other side, there are plenty of holders who were happy to take their 48c and run. You'd expect this cohort to exit and move onto other opportunities sooner than later.

I think the main reason for scheme of arrangements and their long takeover periods is that they allow much more time to run scare campaigns and fill the register with arbitrage trades (Ie yes votes). RAP's scheme of arrangement was full of twists and turns (threats to investors, an organized No campaign with associated fundraising, valuation increases and court cases). In the end, a strong No campaign doubled the original offer. I'd recommend a No campaign (fundraising and postal newsletter) be instigated to put pressure on the suitor to revise upward.