Say NO to TO!, page-72

Hmm that's a real gray area Nats, as they announced an agreement between them (the 17%), together they should considered a substantial holding that should be subject to reporting changes of 1% within two business days.
However as the offer has not been formally initiated. They may get away with only having to report if any of them individually increase to the 5% substantial holdings threshold. Regardless, ASIC is widely known to be very lax in properly enforcing reporting obligations (no surprise eh?).

I actually think that this time around is different, they've pumped the sell side to try to get us back closer to that indicated offering price. But, it's not working. Someone, perhaps a white knight, perhaps Management (and/or associates), is on the buy.
I don't know, but this looks very different to me than when Lemare R1 was announced for example.
She's been an education this stock, what haven't we seen? LMax must be important IMO