Apologies, you are right. I went through the ASX disclosures and...

Apologies, you are right. I went through the ASX disclosures and share registry again, and it is 7.6% for Cooke as their total position. The previous Kidder Williams substantial holding has now been integrated under Cooke as the associate. Canacord is the other party buying shares on behalf of Cooke too.

So the question really to my mind is whether Cooke can accumulate 10%.. 12%.. or even 15% and get a board seat? There's a limit of 20% before takeover laws are triggered. They continue to shake the tree and try and get shares at $4.85, but they can't go above that without increasing their bid should they progress to a scheme of arrangements.

Looking through the share registry, it's hard to see where they will get a substantial allocation from. I've been speaking with people who are more familiar with the individuals / companies on the share registry, and the general consensus is a lot of the larger holders will be reluctant to sell at these prices.

If we see large volume on higher prices, then you can assume the bid price is being increased. Until then, Tassal appears to be barricading themselves in with "not interested" as their response. This is fine if they don't want a sale. But, if Cooke's ownership increases to 15% and a board seat, then this will become a more challenging position to hold. At that point, they may need to change tack and more actively look for alternative bidders; start communicating the true value of TGR to shareholders and prospective bidders; etc. Goldman Sachs no doubt are already doing this on their behalf.