I think better outcome would be if they sold to a super or infra...

I think better outcome would be if they sold to a super or infra fund (or any trade buyer or other) - anyone who wants the whole company and then would then mop up the remainder. Its too illiquid to leave it listed.

If they sell to funds via block trade and intend to leave it listed - after a flurry of activity you would expect it to re-balance at what the market values it at (take your pick) + a premium because there would be liquidity back in ENE. This would put it squarely back within a whole heap of mandates for funds for instos to get onto the register as they know they can get out again w liquidity - and these sort of opportunities seem to be sort after currently.

Agree they look like they've stopped the on market. They've done this a few times, often when media speculation was rife about the company - I often wondered whether they paused the buy back when they are in negotiations or similar?

IMHO only, DYOR.