norsc old chap, the story goes a little deeper than that. On 4...

norsc old chap,
the story goes a little deeper than that. On 4 November 2016, the SP hit a local low of 12.5 cents. On 14 November 2016 the indicative MB offer of 17.5 cents was posted on the ASX. Not surprisingly on that day it spiked to closing 18.5 cents. After some wobbling, it rose on 22 December 2016 to close at 20 cents, probably in anticipation of an improved MB offer. From then on things went quiet and the SP retreated to 15 cents by 7 March 2017.
On 10 March 2017, the revised MB offer of 20 cents was posted on the ASX, trading reopened to close at 20 cents. There was buying support at 20 cents until 11 May, and since then it has now declined to 15 cents on 26 June 2017, no doubt because of fears the SoA would not pass muster.
Now, where does all this lead? It tells us that anything over 12.5 cents is due to the MB intervention. This is also what occurred in early 2012 when Clive Palmer launched his on market raid. It also tells us that if the MB offer is refused, the price will most likely return to the pre offer days of around 12 cents at best, and probably overshoot lower because of the surrounding self generated turmoil. If this occurs, raising at 15/16 cents is a modern version of the impossible dream. More likely 8/9 if one is lucky.
Had the MB offer been rejected outright, this is the scenario most likely to have played out. As it still can.
From this extended overview, one can appreciate what the probable consequences will be as a result of the devious manoeuvrings being played out.