I cannot understand why the minority shareholders in Lemur would...

I cannot understand why the minority shareholders in Lemur would not now accept the Bushveld offer. Circumstances seem to have changed recently.

Lemur has now become a relatively illiquid stock, volume has dropped off and the spread is vast, currently 36c-40c. The share price is at a 12 month low.

On the other hand Bushveld has now become very liquid and the spread is narrow. This is a result of the recent sales by Obtala and Blackrock.

Bushveld stock seems to have been picked up by the retail investor community in the UK. It is well know AIM listed companies (such as Bushveld) can have significant share price moves from time to time. The recent placing would suggest a floor in the Bushveld share price being around 3.5p.

It is also possible that Bushveld could attract a bid given that it is likely that someone has picked up a significant stake, over 50% of the share capital has changed hands within a few weeks.

Even accounting for the placing announcement today which has diluted Bushveld shareholders by 10% it cannot be ignored that the BMN share price was 10p recently and a number of brokers had targets of 20p+ only a few months ago.

I simply cannot see that kind of upside from Lemur given the complete lack of volume occurring on the ASX.

It seems the takeover is a done deal, tha ASX is already pricing that into the Lemur share price in my view. I simply cannot understand why any minority shareholder would want to hold Lemur given recent events.

That is my take on affair of course.