I think you have summed up the situation very well. Hanlong's voting performance at the AGM was for me the most significant revelation from the whole meeting.
They are smarting and now nervous with Wal at the helm. I am more confident now than I have been in a long time that a TO will come at some stage. It's just a matter of when and how much.
SDL Price at posting:
3.4¢ Sentiment: Hold Disclosure: Held