Resimac picked up a further 12.6m shares during January 2014...

Resimac picked up a further 12.6m shares during January 2014 according to the latest Form 604 notification of 31st. January 2013. Resimac and Bermuda National Limited (now known as Somers Limited) lifted their voting power to 14.5961%

Back in early November 2013 when Resimac put forward their alternative proposal they advised

"....Legal advice obtained by RESIMAC indicates that our proposal is not subject to FIRB approval. However, for the avoidance of doubt and to facilitate further discussions an application has been made to FIRB to allow RESIMAC to increase its holding in FF above 15%...."

We don't appear to have been advised the outcome of that application - has it been approved by FIRB?

At the moment (according to the latest advice from Resimac/Somers) voting power is just below 15%.

What is going to be very interesting is, if there are further purchases by Resimac/Somers. If this happens and their voting power goes beyond 15% then this would indicate an aggresive stance and really put the Board on Notice. The Directors appear to have been caught with their pants down by the reluctance of the ACE recapitalisation proposal to deliver, and the Board's offhand (IMO) rejection of the approach from Resimac/BNL back in November.

This post is not investment advice - I am not a licensed investment advisor so DYOR carefully.