It was a busy reporting period, but the primary reason for not...

It was a busy reporting period, but the primary reason for not posting is that the recent (positive) results and potential options available to RG and shareholders have been well covered.

My strategy remains the same, and I continue to anticipate that this has a long way to play out. As previously mentioned, I am a long-term investor and hold shares in numerous illiquid companies that I have held for many years, so I am very comfortable with the current position.

I echo richardwth’s thoughts and sentiment regarding the recent communications. I anticipate a few impatient and less informed shareholders have accepted (or will accept) the offer, so there may be a slight uptick in RG’s rate of accumulation, but there are both positives and negatives associated with that.

Manipur is acting independently, so I can’t speak on their behalf, but I’m very comfortable having them as an investor. They hold over 6%, and I continue to hold over 1.3%. There is considerable work being done in the background to analyse the available data and applicable regulations and to appropriately position for potential outcomes.

RG, of course, also has considerable resources at his disposal. By now, his team should have come to the realisation that reaching 90% is very unlikely; however, I won’t be surprised or concerned to see further extensions and continued threats. If they do not plan to extend, I suspect they will announce that accordingly in the hope that it scares a few remaining holders before expiry of the offer.

I very much appreciate everyone’s contributions.