Over 5% of IWL's assets (5%*$200m=$10m) are now in ETR shares....

Over 5% of IWL's assets (5%*$200m=$10m) are now in ETR shares. IWL owns at least 2.3% of ETR. IWL would not throw this money at ETR unless it had some plan.

Facts:
- Caledonia have ~12%, and likely think $4.05 too low.
- ANZ owns 66%
- IWL owns >2%, bought at ~$4.20

To me, it just looks like ANZ will be forced to pay more to get their deal done. Caledonia would likely take a reaonable increase. IWL are by themselves too small to influence the outcome.

It would be a hell of a lot of work (+ say $3m of shareholders money) for IWL to propose a scheme if ANZ can block it or trump at last minute.

ETR seems poorly managed and there would be a lot of latent value (not to mention synergies) if IWL could get its foot on it.

Thoughts?