And this is where the problem unfolds, Seals.At this point no...

And this is where the problem unfolds, Seals.

At this point no one will take up the offer because on market it is a greater value and ZFX are only buying up to $1. Therefore,they could have only acquired a small holding, probably less than 5% if that.

All the insto's would have a small timeframe at the end of the bid to decide what to do, sell on market or wait for a higher bid.The week leading up to the 8th will decide which way they will go.It is a big punt to take.To me , the insto's are buying because they know there will be a 2nd bid.

Since the bid will then fail ,due to such a small holding, ZFX will pull the bid and the sp falls accordingly.Ironically, this would enable them to pick some up on market but not 30%, maybe 10%.AGM management would block them having a seat on the board and they would just have a shareholding. Big deal.

It's an interesting battle and time will tell.

For mine, ZFX have already failed in their attempt at AGM.Unless ZFX start meaningful talks, instead of going through the media like a spoilt brat, it will get nowhere.