They have only ticked one box so far. That is the takeover offer which obviously got OZL back on the board.
The next box is the confirmatory DD, which would provide a trigger to buyers.
The next is the bankers agreeing to extend - another trigger. Difficult to see why they would not extend, given full take-out potential in the short term.
Buyers have not had massive incentive to weigh in, but with the price at the same level as when it was suspended and PH now successfully completed it is low enough for buyers to not wait for the initial boxes to be ticked.
OZL Price at posting:
$5.80 Sentiment: None Disclosure: Held
