I think this is a wise move - I've sold a bit more than a third...

I think this is a wise move - I've sold a bit more than a third of my holding today at $4.00 on a risk-reward weighted decision.

A couple of reasons:

1) As you said, if Chris is looking to try and scupper the deal, I'm looking at $3.50 and this premium they're paying currently is going to dry up. Whoever it is, potentially a change in substantial at the end of trade today or Monday.

2) Historically, from announced bid (not indicative offers) to final bid, the average increase in price is less than 15% where we currently stand (see chart below). Note, this is the average increase and there will naturally be increases above the average (and outliers). I think there is a good chance SQM will increase their offer but if you asked me what it was a couple of days ago - I would have said 5%-10%. Any increased bid would likely come after they see how their $3.50 offer goes. Chance becomes higher if they can get interest close to 40% but also depends on how tight register is and what vote they see they need to get to have effective control based on likelihood of voter turn-out.

3) I think if there was another bid, looking at the buying action, it would be $4.00. If there was to be a combined bid by Chris and Gina (needs ASIC approval if combined hold more than 19.9%), whatever the highest price they paid for the stock would be the offer (if one comes).

4) Cleansing notice released today indicates that there is no current drill results or other offers coming in at this time. If there was, they couldn't have cleansed.

Still holding for drill results and for the chance increased bid is higher than the average increase, knowing my realistic bottom is $3.50 in the short term. Creasy is yet to play his hand (apart from tacitly supporting an auction for Azure with Board supported bid). I've also got capital gains discount to think about.