AGM is up because the Hedge funds are betting on extracting a...

AGM is up because the Hedge funds are betting on extracting a premium from Zinifex for large share parcels.

On the other hand, Zinifex seem to be extending the bid for two reasons:

1. To show their continued interest, but NOT at a price ABOVE $1.00

2. In the expectation that institutions will realize that there are no further windfall gains to be made, and decide to take the very significant price premium on offer.