News: AIO Nitro Corp says it extended offer period under takeover bid for Asciano, page-16

As I see it shares pledged to BF are unlikely to appear in the change of substantial holding announcements and that 20.58% to BF will understate what they (plus their nominees & partners) actually hold in owned and pledged shares and will NOT convert pledged shares to owned shares until they decide it is to THEIR advantage. By pledging now to the BF offer you are simply giving up your right to choose when the facts are known. It would be more sensible for BF to simply sit on a SH's commitment to them (i.e not disclose committed shares) until the ACCC makes it views know on 18/2 and also Qube announces its position regarding a bid. IMO if the ACCC agrees to BF's undertakings (and allows BF to proceed) AND also the ACCC clears Qube (AND additionally Qube decide to put in a hard bid) will BF actually purchase pledged shares (at the bid price). From what I see BF's best option is to sit on committed shares for the timebeing and only purchase them when they know they have a ACCC approved deal, have 50.1% (in purchased and committed shares) and still want to proceed. The all important issues are what Qube decides upon and the ACCC approvals.