interesting thing

Firstly:

1. AZX scheme meeting on 22/3
2. BAB to list on 23/3

BGL in AIM was last 23.75p, assuming this stays the same till BAB lists on ASX, BAB should open 35.5c technically on Thursday on exchange rate of 1 AUD to 0.6695 GBP.

Based on the current ratio of 0.909, AZX should be 32.3c atm.

Given it hit today a high of 29.5c, so technically AZX is at a nearly 3c discount.

That discount could reflect the risk of AZX holders voting against the scheme. But obviously it looks like it is going through.

So when AZX did fall to 26.5c, someone was taking advantage by buying in at 26.5c to 29c levels to take the substantial discount, in punting the deal will go through.

Smart guy, whoever that was.