Well at least we'll know soon what their intention is as after...

Well at least we'll know soon what their intention is as after 1% more they'll be at 19.9% and have to holde there or launch a TO bid (unlikely in my opinion - at least by themselves). Their only avenue then regardless of how cheap they may become is the creep provision which I think is 3% (?) every 6 months. Unless they underwrote a capital raising & could sweep up as much unwanted stock as is available with no need to lob a bid. More likely they'll build to 19.9% and sit waiting for a property group to take them out at a premium with a view to them launching a TO. I saw on another matter a couple of days ago in the AFR that commercial real estate value in Europe have risen 15% this past 12 months which should allow a handy revision to values to VAlad's Euro/UK portfolio.