Exactly my point - it is all to do with the size of the premium...

Exactly my point - it is all to do with the size of the premium which is in this case is now effectively a min 55% but probably more like 65%, it was trading down near $8.50 pre-TO speculation and before anything like a NPAT of $80m was on the table and subdued 2010 outlook. Rathbone recently sold 10% of his holding at $11.25 for heaven's sake....if Sinochem eventually pay the $13 they have been very poor negotiators.

Never suggested they should let it bottom and then start buying shares and do a hostile takeover....where did that come from????

They had all the aces and could and should have driven a much harder bargain. But that heads of agreement document is so dodgy anything could still happen. They have just bought themselves more time to work out whether they really want to buy it and what it is really worth.

Let's see how the market reacts. As I said before if it jumps to above $12 or even reachs $12.50 you'd probably be best to get out.