I believe that your assumption regarding the blocking power is...

I believe that your assumption regarding the blocking power is correct. Based on calculations so far and the assumption that numerous long-term holders have no intention to sell, it’s difficult to see how RG will reach 90%, even with continuous extensions up until the 12-month deadline.

As previously mentioned, the advantage that Manipur and other holders have is that RG has mandatory reporting requirements, making it easy to monitor the rate of accumulation. There are very few large holders left on the registry, so very large trades (or acceptances) at the offer price is increasingly unlikely.