Well Todd has finally lodged a Change in Sub S/H Notice. One can...

Well Todd has finally lodged a Change in Sub S/H Notice.
One can see that they have increased their holdings in FMS by about 30m shares to 19.43%.
That is still lower % than of OCJ.
So if Todd wanted to increase their s/h above that of OCJ, they have not succeeded to date.

what is interesting is that about 10m have come from acceptances Off-market, and the balance from On-market purchases.
Not surprising that Off-mkt acceptances are low, because the Bidders Statement was only dispatched on 31 March, so s/h would only have received it in mail on about 4 -5 March.

So of the at least 70m shares traded on ASX since bid opened, Todd have only purchased about 20m.
That is in spite of their claim that bid at 1.3c was a 63% premium to SP prior to bid, and claim bid represents a premium of 2 1/2 times issue to OCJ.

So if bid so generous, why have so few s/h accepted so far?

The wall of sellers at 1.4c has since halved.

We should get the Target Statement mailed this week. Indications are that Directors will Reject Bid.

Hopefully we will get some better indications of progress of an alternative infrastructure solution in the Target Statement??
We need some "meat" on that issue.

From the many posts on HC, it seems pretty clear that shareholders of FMS WILL entertain an Offer from Todd, but only at a much more reasonable price.

cheers