I am not sure whether a takeover is going to happen.However,...

I am not sure whether a takeover is going to happen.

However, what is for sure is that you don't see the institutional ones issuing announcement of reducing their holding at this stage. Even those that had a sell/underperform recommendation for the stock.(eg. Goldman Sachs). On the other side, we saw Orbis buying, and directors buying in the last employee share trading window late last year.

Note that directors and employees can only buy during such trading window. The next one starts after the release of HY accounts. I won't be surprised to see them buying then.

You've got to keep in mind that brokers and institutional ones service the mass market. Also, their recommendations are according to some only correct 40% of the time. Their hit rate will be even lower in the current market. Although sometimes their recommendation could be a self-fulfilling prophercy.

Why would Orbis, a value investor buy until recently then?

Why did so many director buy big in Oct-Nov 2008?

Why would Scarborough offer to delay debt repayment until 2012 and equity swap?

Is it likely if they don't see the company as a going concern?

Don't they know the company better than us?