Odey paid more than 50c for their shares. If they bought them for the bidders then that would be against the rules. If a bidder pays greater than their takeover price for some shares they have to offer the greater price for all shares of a takeover. Unless of course they are breaking the rules and are relying on the fact that ASIC won’t enforce them.
It would be great to receive another offer soon however it makes more sense for a potential bidder to wait. This makes holders nervous, about whether one is coming. Holders start to rethink their valuation - “ maybe 50c will be the highest offer “. There is no urgency for a bidder unless holders are starting to accept an existing offer.
I hope the foreign investment review board pass the bid. Labor’s thought bubble of not exporting minerals and setting up downstream processing worries me. If it made sense to set up these industries here then business would be doing it. Politics should stay out of business decisions, they are no good at making them. Labor don’t seem to understand their limitations in evaluating industry. GLTAHs
ESS Price at posting:
49.5¢ Sentiment: Buy Disclosure: Held
