Petra research today suggests that IER and director...

Petra research today suggests that IER and director recommendation most likely mid-Jan. Don't see current offer holding the price back. Strong dividend increase is what will drive price forward....how this interplays with recommendation I don't know. Either way an increased offer will be required. Think low 40s (40c plus say 2-3c div) will be limit. Director recommendation will determine whether offer succeeds or fails - I will support Tony on whatever view he comes to (recommend or reject) as he is closest to the business.