It looks increasingly likely that this will end up as another...

It looks increasingly likely that this will end up as another Cliffs - Portman saga. There is no way they will get anywhere near 90%. Way before they get even close, mathematically it will be proven to be impossible.

Okay, WNI has well and truely cornered itself.

Now, WNI runs into a problem. Despite the billions available from the PRC motherland, WNI has to continue pretending to be a tight ass limo company struggling to secure a few pennies from some Chinaman shipping tycoon.

It can't simply buy us out on market (at the price we deem fair) for it can't explain to ASIC or to WNI shareholders where the money comes from. Again, it will have trouble exceeding $3, for that would make a mockery of the independent expert valuation.

In all likelihood, I think WNI will unconditionally accept all the acceptances (from the directors who can easily work out another way to be rewarded for selling us out and also those acceptances from WNI associates which is WNI funny money anyway).

After a period has elapsed, it will then announce a major JORC upgrade, using this as a pretext, it will launch another takeover at $5 or whatever (this time in CASH). Then miraculosly another Chinaman shipping tycoon shows up with more money.

Otherwise, it will be stalemate.

I still think ASIC may have quietly warned WNI-BRM about pulling the intimidation stunt to delist the company at 80%.