Understand your point HT1, however I would add the following:If...

Understand your point HT1, however I would add the following:

If now is not the time to move on SFR why bother to spend $12m of shareholder funds on a minor 1% top-up, which will only cause more speculation etc. and therefore ultimately increase SFR's price.

When and if the time comes, as you say, surely a more aggressive strategy and a more opportunistic approach in a down market would be better (i.e buy a significant chunk when the SFR price is supressed and launch a bid).

Either way I'm an SFR holder and have plunged back into OZ recently, so I would like to see both Companies prosper BUT this move makes no real sense to me.